Central Register of Beneficial Owners
On 13 October 2019, the obligation to register in the Central Register of Beneficial Owners (CRBO) entered into force. The CRBO is a database where information on natural persons who directly or indirectly control a company/partnership (the so-called beneficial owners) is collected and processed.
Legal basis: Act of 1 March 2018 on counteracting money laundering and terrorism financing.
For the sake of convenience of the Bank’s Clients, below we have summarised key information about the new obligation.
Who does it apply to?
The following entities will be required to apply for an entry in the register:
- general partnerships,
- limited partnerships,
- limited joint-stock partnerships,
- limited liability companies,
- simple joint-stock companies,
- joint-stock company (except for public companies),
- trusts whose trustees or persons holding an equivalent position:
- have their place of residence or seat in the territory of the Republic of Poland
- establish business relations or acquire real estate in the territory of the Republic of Poland on behalf of or for the benefit of the trust
- professional partnerships,
- European Economic Interest Groupings,
- European companies,
- European cooperatives,
- associations subject to entry in the National Court Register,
What does the new obligation consist in?
- A person authorised to represent a company/partnership will be required to apply for an entry in the Register, providing identification data of the beneficial owner, such as:
- name and surname,
- all citizenships held,
- country of residence,
- personal ID No (PESEL) / date of birth – in the case of individuals without a personal ID No,
- information on the volume and nature of interest or the rights vested in the beneficial owner.
When should an entry be made?
The obliged entity should apply for an entry in the CRBO within 7 days from the date of its entry into the National Court Register (The catalogue of events obliging trusts to make entries has been specified differently in the act)
Once a company/partnership has applied for an entry in the CRBO, it should update its details in the CRBO within 7 days from the change in the National Court Register or within 7 days from the occurrence of a change (for changes that do not require a registration to be valid