Since June 2017, according to the Money Laundering Act, beneficial owners of legal entities under private law and registered partnerships must be registered in the Transparency Register available online, supervised by the Federal Administrative Office (Bundesverwaltungsamt).

At the beginning of the year, we would like to take the opportunity to draw your attention to the impending consequences of the violation of this obligation. Because:  The absence of a mandatory registration in the Transparency Register may from 2020 onwards not only lead to fines, but may also be published online.

For further details such as who is the beneficial owner and what are the consequences of a breach of the reporting obligation, please refer to the information sheet (link to PDF).