Regulatory Alerts2019-12-12
Order on Reporting Discrepancies in Information on Beneficial Owners
The Danish Business Authority issued this order to mandate the reporting of discrepancies between registered beneficial owner data and actual information held by obligated entities. It requires specific details and supporting documentation to be submitted via a digital solution on virk.dk using accepted digital signatures. The regulation ensures confidentiality of reports and specifies that all submissions must be in Danish, Swedish, Norwegian, or English.
Order on Reporting Discrepancies in Information on Beneficial Owners
Pursuant to Section 15 a, paragraph 3, of the Act on Preventive Measures against Money Laundering and Financing of Terrorism (the Money Laundering Act), cf. Act Consolidation No. 930 of 6 September 2019, as amended by Act No. 553 of 7 May 2019, the following is enacted:
Scope of Application
Section 1. This Order applies to companies and persons, as well as competent authorities, who, pursuant to Section 15 a of the Money Laundering Act, are required to report discrepancies in relation to the registered information on beneficial owners.
Reporting
Section 2. Discrepancies that those obligated to report, cf. Section 1, find between the information on beneficial ownership in the register of the Danish Business Authority and the information on beneficial ownership available to them, shall be reported to the Danish Business Authority.
Paragraph 2. The report shall, as a minimum, contain the following information:
- Name and CPR number (Personal Identification Number) or CVR number (Business Registration Number) of the reporter.
- Name and CVR number of the company, foundation, association, trust, or similar legal arrangement to which the report relates.
- Description of the discrepancy.
Paragraph 3. The report shall be accompanied by documentation for the discrepancy.
Paragraph 4. Reports, cf. paragraph 1, are confidential and exempt from public access pursuant to the Act on Public Access to Documents in the Public Administration and the Administration Act. Information about the reporter shall not be forwarded to the company, foundation, association, trust, or similar legal arrangement to which the report relates.
Use of the Danish Business Authority's Reporting Solution
Section 3. Discrepancies in relation to information on beneficial owners registered in the Danish Business Authority's IT system, cf. Section 1, shall be reported to the Danish Business Authority via the reporting solution at www.virk.dk.
Paragraph 2. The reporter must use a digital signature or NemID, which is accepted by the Danish Business Authority as access to report discrepancies in relation to the registered information on beneficial owners.
Paragraph 3. Reporting shall be carried out in accordance with the conditions set out in the reporting solution at www.virk.dk.
Paragraph 4. If the Danish Business Authority has justified grounds to suspect that the reporting solution is being or will be abused, the Authority may, with immediate effect, close the user's access to it.
Section 4. If a report cannot exceptionally be made via the reporting solution, the discrepancy shall be reported digitally via e-mail to the Danish Business Authority, stating the information, cf. Section 2, paragraph 2, and accompanied by documentation for the discrepancy.
Language Requirements
Section 5. The description of the discrepancy and the accompanying documentation thereof must be in Danish, Swedish, Norwegian, or English.
Entry into Force
Section 6. This Order enters into force on 10 January 2020.
Danish Business Authority, 12 December 2019
HENNING STEENSIG / Søren Corfixsen Whitt
Law Gazette A 2019 Published on 14 December 2019 12 December 2019. No. 1376. Ministry of Industry, Business and Financial Affairs, Danish Business Authority, file no. 2019-6301 CQ001077