On 13 October 2019, Chapter 6 of the Anti-Money Laundering and Anti-Terrorist Financing Act comes into force which has established the Central Register of Beneficial Owners.
Every partnership and company registered in the National Court Register after 13 October 2019 will be required to report to the Central Register of Beneficial Owners information on its beneficial owner and members of the body (or partners) authorised to represent it. The information should be reported within 7 business days after the entity is entered in the Business Register.
Entities entered in the National Court Register on 13 October 2019 are required to report the above information to the Central Register of Beneficial Owners until 13 April 2020.
In the case of any change to the reported data, the updated information should be reported within 7 business days following any such change.
Public companies and professional partnerships are exempt from the reporting obligation.
The information must be reported online via the website of the Ministry of Finance by persons authorised to represent the reporting entity, in the form of an electronic document, and it must be signed with a qualified electronic signature or a signature confirmed with an ePUAP trusted profile.
Failure to comply with the reporting obligation within the statutory time limit is punishable by a fine up to PLN 1,000,000.
The Central Register of Beneficial Owners will be accessible to the public and the data disclosed in it will be presumed to be true. The persons reporting (or updating) the information will bear liability for damage caused by reporting untrue data and will bear criminal liability if they make a false statement on such data being true (imprisonment from 6 months up to 8 years).
Please feel free to contact us in all matters regarding the reporting of beneficial owner information.
Please contact Agnieszka Piasecka directly: http://rslegal.pl/en/our-team/agnieszka-piasecka/