Regulatory Alerts2025-01-16
Beneficial Owners Register Act (WiEReG)
The Austrian Federal Ministry of Finance enacted the Beneficial Owners Register Act to establish a central register identifying the natural persons who ultimately own or control legal entities and trusts. The legislation mandates that covered entities identify their beneficial owners, typically defined as those holding more than 25% of shares or voting rights, and submit this data to the register while maintaining due diligence records. It further regulates access to the register for obliged entities and authorities, imposes penalties for non-compliance, and aligns Austrian law with European Union anti-money laundering directives.
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