Under the Act on Counteracting Money Laundering and Terrorist Financing, on October 13th, 2019 in order to develop procedures for the prevention of "money laundering" and terrorist financing an open Central Register of Beneficial Owners was launched in Poland.
The beneficial owners of companies mentioned below should be reported:
- general partnership;
- limited partnership;
- limited joint-stock partnership;
- Limited liability companies;
- joint-stock companies,
- Public limited liability companies, with the exceptions of publicly traded companies in terms of Act of 29 July 2005 on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organized Trading and Public Companies.
In terms of Act on Counteracting Money Laundering and Terrorist Financing a beneficial owner is a natural person or natural persons controlling directly or indirectly a company through their rights which arise from legal or factual circumstances and enable them to exert decisive influence over the actions or activities undertaken by the company.
The information have to be submitted by a person authorized to represent the company in electronic form signed by electronic signature or electronic authentication ePUAP free of chargé within 7 days from the registration (for companies registered after 13.10.2019) or until 13.04.2019 (for companies registered before 13.10.2019). Responsible for submitting is a person authorized to represent the entity.
Failure to comply with the obligation to report the information is a subject to a financial penalty up to PLN 1 000 000.