Poland

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. 


The Polish Act will come into force within three months from the date of its publication in the Official Gazette (a date yet to be determined). However, the provisions regarding the establishment of a Central Registry of Beneficial Owners (Centralny Rejestr Beneficjentów Rzeczywistych) will enter into force within 18 months from the date of its publication in the Official Gazette.

Is there an obligation of a UBO or shareholder to proactively provide information on the UBO to the legal entity?

No. 
UBOs have to provide information only upon request.

Is there an obligation of a legal entity to actively inquire with its shareholders/partners on the identity of the UBO(s)?

Yes. 
The legal entity will have to take all available and legitimate activities within its scope of activity in order to identify the UBO and verify its identity.

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. 
Public joint stock companies („spółka publiczna“) will not be obliged to file with the Register.

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?

Sanctions include:

  • publication of information about the obligated institution and the scope of violation;
  • ordering cessation of specific activities;
  • removal of regulated activity from the register;
  • ban on performance of managerial functions for the person responsible for the violation of the provisions of the Polish Act; and
  • fines of up to EUR 4,970m for a natural person or, in the case of an entity/organisational unit, fines of up to EUR 5m or 10% of turnover of the preceding financial year.

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).