Regulatory Alerts2025-01-16
Added · Updated
Beneficial Owners Register Act (WiEReG)
The Austrian Federal Ministry of Finance enacted this Act to establish a central register for identifying the natural persons who ultimately own or control legal entities and trusts. It mandates that covered entities identify and verify their beneficial owners, defined primarily as individuals holding more than 25% of shares or voting rights, and report this data to the register. The legislation further imposes due diligence obligations on obliged entities and grants authorities and specific interested parties access to the register for anti-money laundering and sanctions enforcement purposes.
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