beck transparencyThe introduction of the new Money Laundering Act in Germany has imposed a number of obligations on companies domiciled in Germany, even if they do not conduct business involving large transfers of capital.
Among other things, the Money Laundering Act in Germany introduced the transparency register. The transparency register is to record the beneficial owners of companies and associations (e.g. GmbH, AG, associations) specified in the Money Laundering Act (MLA) (cf. for example the registration of ultimate beneficial owners in Denmark).
The natural person who ultimately holds more than 25% of the shares of the company - either directly or indirectly - is considered the beneficial owner. There might also be several beneficial owners.
Only in the event that the beneficial owners are already identified from other - German - public sources (e.g. the German Commercial Register) and this information can be accessed electronically, the duty of notification does not apply. Foreign register sources, such as the Danish Central Companies Register (CVR), are not permissible public sources from which the information of the beneficial owner can be obtained.
Violations of the obligations from the transparency register are administrative offences and might be punished with heavy fines.
The amount of the fine depends, among others, on how long the MLA has been violated. Please keep in mind, the longer you wait reporting, the higher the fine may be. The obligations were further extended by the 5th Money Laundering Directive as of 1 January 2020. What must be reported?
The following information on the beneficial owner:
+ First and last name
+ Date of birth
+ Place of residence
+ Nature and extent of the economic interest of the beneficial owner
We will be happy to help you at a fair price; beginning with the classification of your obligations up to the registration of the beneficial owner.