The Beneficial Owners Register Act (BORA) forms the legal basis for the Register of Beneficial Owners. The Act took effect on 15 January 2018, and reports can be sent to the Register via the Federal Unternehmensserviceportal. First-time reports to the Register have already been made. The Register can be inspected as of 2 May 2018.
Public extracts containing the information of reported beneficial owners can be requested from the Register of Beneficial Owners.
Obliged entities may inspect the beneficial owner register for their due diligence duties to prevent money laundering and terrorist financing. Authorities may inspect the register for certain statutory purposes. Other persons or organizations may inspect the register only if they can prove they have a legitimate interest. The Register of Beneficial Owners was designed to be a non-public register pursuant to the provisions of the 4th Money-Laundering Directive.
Find out how simple and extended excerptsfrom the register are correctly interpreted, and how they will help you to meet the due diligence obligations for prevention of money laundering and terrorist financing.
As from 10 November 2020, the documents required for identification and verification of beneficial owners may be submitted to the register and inspected and used by obligated parties for the purpose of fulfilling the due diligence obligations.
Here you will find an overview of the applicable legal provisions and the information available on other Member States.
The following information is intended to assist software developers in integrating the Register of Beneficial Owners into customer management programs, law firm software products, or other applications.