In February 2017, a draft law of the Money Laundering and Terrorist Financing Prevention Act was prepared, which will implement amendments to the Directive of the European Union on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (Directive (EU) 2015/849 of the European Parliament and of the Council of May 20, 2015). The innovations are primarily aimed at preliminary risk assessment (preventive measures of diligence), beneficiary identification (capital control), international cooperation between supervisory authorities and the Financial Intelligence Unit (information exchange).
– According to the Directive, all legal entities are obliged to know their true beneficiaries and submit data (name, date of birth, country of residence, control position) to the Commercial Register.
– Data will be available to others (third parties) on a paid basis and with no restrictions as well!
– If there is no data on individual beneficiaries, the member of the Board will be regarded as the beneficiary.
– Transfer of data on account holders to state institutions will be regulated in the banks in a similar way.
That information shall be submitted beginning from 1 September 2018 within 60 days.
Possible sanctions are up to 1 200 EUR fine for natural person and up to 32 000 EUR fine for legal entity.