In total, about 800,000 companies and associations are affected. Organizations who are obligated to declare a beneficial owner, include:
Branches (the foreign company that runs the branch)
Non-profit associations that have one or more beneficial owners
Companies / associations (see list above) that are declared bankrupt but where the bankruptcy has not ended must also report the real principal.
These are exempt and do not need to notify the real principal:
Limited companies whose shares are admitted to trading on a regulated market (listed companies) and their subsidiaries
Estates and bankruptcy estates
Non-profit associations that have no real principal
The state, county councils and municipalities as well as legal entities where the public sector has a controlling influence
Knowing your customer
If, according to the Money Laundering Act, you are obliged to work with customer knowledge, for example as a car dealer, jeweler or accounting consultant, you need to take into account both the Act on the Registration of beneficial owners and the Money Laundering Act. The Money Laundering Act states what you must do when you have determined whether a company has a beneficial owner or not.