The revised Anti-Money Laundering Law (law on tracing profits from serious criminal activities (Geldwäschegesetz – GwG)) will provide for the introduction of an electronic transparency register as of October 1, 2017. There, information about the economic beneficiaries of German companies is recorded. The data required for this must be transmitted to the Transparency Register by the companies themselves. The disclosures must be made for the first time by October 1, 2017. On September 25, the federal administration responsible for the Transparency Register published its long awaited guidelines. We would like to provide in the following a first overview of the new regulations and their consequences for you.

WHAT IS AT ISSUE? -

A register will be created, indicating the “economic beneficiary” of companies and associations. “Economic beneficiaries” includes every natural person (no companies!) who, with regard to a company...