What is the legal basis of the Transparency Register in the respective Member State?
Part 4 of the Gesetz über das Aufspüren von Gewinnen aus schweren Straftaten (Geldwäschegesetz – GwG) as amended on 23 June 2017
Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?
Is there an obligation of a legal entity to actively inquire with its shareholders/partners on the identity of the UBO(s)?
Who is required to make filings with the Transparency Register, the legal entity or the UBO?
The legal entity.
Are there exemptions to the filing obligation?
Yes. If and to the extent that the information on the UBO is available from certain public records in Germany, no filings have to be made.
What is the due date for the initial filing with the Transparency Register?
1 October 2017
What are the sanctions in case of a breach of the transparency obligation?
Administrative fines against shareholders, UBO and management in breach of their obligations.
Is the Transparency Register established as a separate register or part of an existing register?
As a separate register called Transparenzregister: