Since 2017, the Money Laundering Act has already required companies domiciled in Germany to enter their beneficial owner in the transparency register. However, all companies for which the required information was already available in public registers (e.g. commercial register) were exempt from this notification requirement. As a result of the Transparency Register and Financial Information Act on Money Laundering (TraFinG Gw), which came into force on August 1, 2021, this relief no longer applies.
This means that all companies are required to actively provide information on their beneficial owners to the transparency register for registration. The law contains various transition periods depending on the type of company. For a GmbH, the transition period ends on 30.06.2022. Accordingly, every GmbH officer must take urgent action if the registration has not yet taken place.
In recent years, the Federal Office of Administration has already initiated numerous administrative offence proceedings against companies due to violations of the notification requirements, which have resulted in fines, some of which have been substantial.
The following information on the beneficial owner shall be provided to the Transparency Register:
- First and last name
- Date of birth
- Nature and extent of the beneficial interest of the beneficial owner
- Nationality (as of: 01.01.2020)
If you need assistance with the registration in the transparency register or if you have any questions regarding the identification of the beneficial owner, please contact us at firstname.lastname@example.org. We will be happy to advise you.