The Transparency Register is here and poses significant new challenges for companies, foundations, associations, and other organizations.  

Since October 1, 2017, the data of the beneficial owners must be collected, stored, kept up-to-date, and reported to the Transparency Register completely and correctly, with the simultaneous threat of fines up to EUR 100,000 .

The following are some of the main tasks to be completed: 

• - Compliant data collection
  - Submission to the Transparency Register
  - Ongoing storage
  - Constant updating 

It is important to note that it is not sufficient to report the data only once. The data must be stored correctly and completely and kept constantly up-to-date to avoid fines. This means that even if there is an exemption from reporting to the register, companies and other organizations must collect, store, and update the relevant data.