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In 2017, a so-called transparency register was established to collect information about the so-called beneficial owners of certain organisations and legal structures and to make this information available (§ 18 et seq. GwG). According to the new GwG, legal entities under private law and registered private companies (§ 20 GwG), as well as trusts and legal structures that are similar to trusts in their form and function (§ 21 GwG) must generally gather, keep and update information about their beneficial owners and report this information to the body that keeps the new transparency register immediately, to allow for registration (first and surname, date of birth, place of residence and type and scope of the commercial interest). This reporting duty applies, regardless of whether the indicated organisations and legal structures are obliged entities in the sense of § 2 GwG.
Failure to register is punishable by a fine (§ 56 subsection 1 no. 52-26 GwG).
This has applied since 1 October 2017 (§ 59 subsection 1 GwG).
New in 2020: Obliged entities who detect inconsistencies between the register data and their customers’ details in the context of fulfilling their due diligence duties, must inform the body that keeps the register. Failure to do so is also punishable by a fine (§ 56 subsection 1 no. 65 GwG).
In the light of recent events, we would like to point out that unauthorised requests for payment have lately been sent out by third parties with fraudulent intent.
Please note that only the organisations and addresses indicated here represent the official transparency register.
