As of 1st June 2021, the new legislation regarding the registration of beneficial owners (Act No. 37/2021 Coll., on Registration of Beneficial Owners) becomes effective.
The new legislation implements the 5th AML Directive, i.e. Directive (EU) 2018/843 of the European Parliament and of the Council of 30th May 2018.
It is a complex regulation covering the given issue, which replaces the existing legal regulation divided into several acts (on Public Registers, on Public Procurement, the Insolvency Act or the so-called AML Act).
The obligation to register its beneficial owners shall apply to:
- legal entities with its registered office in the Czech Republic; and
- trusts or designated foreign trusts.
