What is the legal basis of the Transparency Register in the respective Member State?
On 1 March 2018 the lower house of the Polish Parliament passed the Act on Counteracting Money Laundering and Terrorism Financing (the “Polish Act”) which was signed by the Polish President on 28 March 2018.
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?
What is the due date for the initial filing with the Transparency Register?
Legal entities registered in the National Court Register (“Krajowy Rejestr Sądowy”) before the entrance into force of the Act will be required to file to the register the information regarding their UBOs within 6 months.
What are the sanctions in case of a breach of the transparency obligation?
Is the Transparency Register established as a separate register or part of an existing register?
The draft law proposes the establishment of a Central Register of Beneficial Owners (Centralny Rejestr Beneficjentów Rzeczywistych).