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Newsletter 2/2021: New legislation regarding the registration of beneficial owners

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.

Attachments:

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