The transparency register is the central body for collecting and making available information on economically eligible persons.
Who needs to register in the transparency register?
The transparency register will cover the economic beneficiaries of companies and associations specified in the Money Laundering Act (GwG). These include, among other things, legal persons under private law and registered partnerships (cf. § 20 para. 1 GwG) as well as non-legal foundations, if the purpose of the foundation is self-interested from the donor's point of view, and legal arrangements that correspond to such foundations in their structure and function (cf. § 21 para. 1 and 2 GwG). Exceptions to the registration obligation may exist according to § 20 para. 2 GwG, if the information on the economically eligible persons can already be accessed electronically from the documents mentioned in the GwG in the commercial register or other named public registers as well as for listed companies that are subject to transparency requirements or equivalent international standards in accordance with Community law.
What information is required to be provided?
The following information on the economically eligible persons is required: the first and last name, the date of birth, the place of residence, the type of economically entitled person (fictitious or actual) as well as the nature and scope of the economic interest (cf. § 19 para. 1 GwG), in certain cases nationality (cf. § 21 para. 1 GwG). Both changes in the information on the beneficial owner and indications that the beneficial owner is (again) derived from other registers are subject to notification.
Who is allowed to consult the transparency register?
Access to the search in the transparency register is made step by step according to the function of the viewer. According to this, certain authorities have full access to the database of the Transparency Register as part of their tasks. By contrast, obliged parties are only allowed to access them on a case-by-case basis and within the limits of their due diligence obligations. In addition, all members of the public are granted access.