The New Transparency Register

Publication deadline 10/01/2017 - Fines up to EUR 100,000

The Transparency Register has arrived and presents new significant challenges for companies, foundations, associations, and other entities.  

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

The main tasks to be accomplished include: 

• - 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 just once. The data must be correctly and completely stored and constantly updated to avoid fines. This means that even if an exemption from reporting to the Register exists, companies and other entities must still collect, store, and update the relevant data.