Tougher rules on verification of beneficial owners ‒ be aware of new obligations

In this connection, management bodies of enterprises, companies and foundations must particularly be aware of the following:

• once a year they are required to examine whether there have been any changes to the beneficial ownership data registered by them;
• the results of such examination must be presented to the management at the meeting during which the management is to adopt the annual report. In companies, therefore, the examination must typically take place prior to and be presented at the board meeting held immediately prior to the annual general meeting.

Simultaneously, the new rules introduce an obligation for owners, on request, to submit the required ownership information to the company or enterprise.

For further details, we refer to our original newsletter from May 2019.