In total, about 800,000 companies and associations are affected. Organizations who are obligated to declare a beneficial owner, include:

  • Limited companies

  • Branches (the foreign company that runs the branch)

  • Insurance companies

  • Non-profit associations that have one or more beneficial owners

  • Savings banks

  • Foundations

  • Etc...

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

  • Simple companies

  • Individual businessmen

  • 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.

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