As of August 01, 2021, the notification fiction for all legal entities and registered partnerships is no longer applicable! The Money Laundering Act (GwG) was reformed when the new Transparency Register and Financial Information Act (TraFinG Gw) came into force.
The previously applicable notification function has been abolished.
With immediate effect, all legal entities under private law and registered partnerships are required to enter the beneficial owner in the transparency register, unless this has already been done.
The amendment to the law should be taken as an opportunity for every company to check its information on the beneficial owner, to make up for missing notifications without delay and/or to make corrections to the beneficial owner.
Amendment to Money Laundering Act as of 01 August 2021:
New regulation on the transparency register
- What exactly has changed in the transparency register?
- What is meant by “catch register” and “full register”?
- Who must report to the transparency register?
- What are the legal consequences of a breach of the reporting obligation?
As a result of the abolition of the notification fiction, all companies must now disclose their beneficial owners.
The amendment of the Money Laundering Act and the Transparency Register should be taken as an opportunity to check the required information, to make notifications and/or, if necessary, to make corrections to existing entries.
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