“Under the EU’s Fourth Anti-Money Laundering Directive, EU member states are obliged to introduce a central register which holds information on the ultimate beneficial owners of legal entities incorporated within their territory,” explained Daren Allen, a partner in Dentons’ Litigation and Dispute Resolution team in London. “This tool helps companies understand the requirements of the Transparency Register in each EU country so they can take appropriate action.”
The tool is free and is available online at www.transparencyregisterlaws.com. It provides an overview of the status of the Transparency Register’s implementation, and clearly defines the requirements for the register and the registration process. It also provides a link to the register in each country as well as information regarding access and sanctions. Users can compare and contrast up to three countries at a time.
Rainer Markfort, Corporate Partner in Berlin and head of Dentons Europe Compliance Group, commented, “The impetus for creating this tool came from our clients, who struggled with different requirements across EU jurisdictions and were frustrated that the information was not available in one place. So we consolidated our knowledge and brought relevant information onto one innovative platform for the benefit of our clients.”
This tool is useful for all companies and private equity houses operating or actively investing in the EU. It is a particularly valuable resource for conducting business partner due diligence and complying with their legal anti-money laundering requirements.
20th February 2019
21st March 2019