Amendment to Austrian UBO Register

Starting January 10, 2020 as part of the EU Financial Adaptation Act 2019, the amendment of Austrian law about the register of Ultimate beneficial owners will take effect. This amendment provides for the 5th Anti-Money Laundering directive along with enhancing the user experience of the register. Now available to everyone, extracts will be available for purchase.

The Austrian Ministry of Finance will still monitor and enforce the register on a yearly basis. The register authority may at any time ask legal entities and their legal and beneficial owner(s) to provide information on the facts required for the assessment of beneficial ownership and to submit corresponding documents. Notifications will be sent on a yearly basis to keep the information updated.

A financial offense is committed by anyone who (i) makes an incorrect or incomplete notification and thereby fails to disclose beneficial owners, (ii) fails to comply with the notification obligation despite two requests, or (iii) fails to register a change in the data of beneficial owners within four weeks of becoming aware of the change.The penalty fees can range up to 200,000EURO.

To keep your Austrian UBO Register up to date or for additional information, please contact us today.

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