We would like to inform you about the recent legal changes regarding the register of ultimate beneficial owners. On 1st June 2021, the new Act on the register of ultimate beneficial owners will come into force. The aforesaid act implements the 5th AML Directive into Czech law.
It will be of utmost importance to check, whether the information on the ultimate beneficial owner currently registered in the register corresponds to the factual state also after 1st June 2021.
Failure to comply with the statutory duties or incorrect data in the register may not only result in fines of up to 500,000 CZK, but also other severe repercussion such as e.g. the prohibition of distribution of profits, the suspension of voting rights at the general assembly etc.
Given the potential negative impact of the legal changes on the day-to-day operation of your company in the Czech Republic, we recommend paying proper attention to this issue.
In case of any questions or when necessary, please do not hesitate to contact us.