Beneficial owners of companies and associations, further specified in the Geldwäschegesetz (GwG, Money Laundering Act), have to be reported to the Transparency Register. This includes legal persons under private law and registered partnerships (see Section 20 (1) GwG), as well as foundations without legal capacity if the purpose of the foundation is, from the donor´s point of view, in their own interest. It also includes legal arrangements whose structure and function is equivalent to such foundations (see Section 21 (1), (2) GwG). Exceptions of the obligation to notify the Transparency Register pursuant to Section 20 (2) GWG are made if the information about the beneficial owner can electronically be retrieved from registers specified in the GwG, like the commercial register or other listed public registers. The obligation to notify the Transparency Register is also deemed to be fulfilled for companies that are listed on a regular market that is subject to transparency obligations or comparable international standards.
About the Transparency Register
The until 2017/12/27 staggered inspectable central Transparency Register is designed as an overflow register [Auffangregister]. Companies or other legal entities have to provide details about the beneficial owner via the Transparency Register, unless this information is already available from entries and documentations via certain other public registers.
According to that apart from the direct entries in the Transparency Register other relevant registers disclosing the beneficial owner are also accessible.
Who must make entries in the Transparency Register?
What information is notifiable?
The following information concerning the beneficial owner has to be reported: First and last name, date of birth, place of residence, type of beneficial ownership (e.g. fictive), nature and extent of the beneficial interest (see Section 19 (1) GwG) and in some cases nationality as well (see Section 21 (1) GwG). Changes to the information on the beneficial owner as well as the information, that the information on the beneficial owner can be retrieved (again) from public registers have to be reported too.
For whom is the Transparency Register open to inspection?
The access to search in the Transparency Register is staggered depending on the role of the inspecting persons. Therefore certain authorities have full access to the database of the Transparency Register within their task fulfillment. To obligated persons access is only given case-related and within their due diligence obligations. The access to search in the Transparency Register is staggered depending on the role of the inspecting persons. Therefore certain authorities have full access to the database of the Transparency Register within their task fulfillment. To obligated persons access is only given case-related and within their due diligence obligations.
When can I inspect the entries?
Inspection is possible since 27.12.2017.