New obligation – application of real beneficiaries

Oct 18, 2019 | News

As of October 13th, 2019, companies must submit information on beneficial owners to the Central Register of Beneficial Owners (hereinafter: “the Register of Beneficiaries’’). Those companies that have been registered in the National Court Register before October 13th, 2019, must submit the above information by April 13th, 2020[1]. The companies referred to above shall submit the above information to the Register of Beneficiaries by April 13th, 2020.

Companies that do not comply with the obligation to notify the aforementioned information will be subject to a fine of up to PLN 1,000,000.

The following entities are obliged to submit and update information on beneficial owners in the Register of Beneficiaries:

  • general partnerships;
  • limited partnerships;
  • limited joint-stock partnerships;
  • limited liability companies;
  • joint-stock companies, with the exception of public companies as defined in the Act of July 29th, 2005 on public offer and conditions for introducing financial instruments to organized trading system and on public companies.

The notification will include information on the company’s identification data and the actual beneficiary and a member of the body or partner authorized to represent the company, including the size and nature of its participation or rights.

The notification is made free of charge via electronic means of communication, in the form of an electronic document, in accordance with the model made available by the minister competent for public finances.

A person submitting the notification is obliged to declare that the information reported by him to the Register is true. The statement referred to above will be submitted under penalty of liability for making a false statement.

 

 

[1] This obligation was introduced by the Act of March 1st, 2018, on Counteracting Money Laundering and Terrorism Financing (Journal of Laws of 2018, item 723). The Act aims to implement the requirements set out, inter alia, in Directive (EU) 2015/849 of the European Parliament and of the Council of May 20th, 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Directive  of the Commission 2006/70/EC.

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