Dentons launches tool for EU Transparency Register laws
Law firm Dentons has launched an interactive tool for looking up and comparing Transparency Register laws in different EU countries, currently covering 13 EU countries where the company has offices, with more jurisdictions to be added in future, according to a press release sent to the Budapest Business Journal.
"The new online tool is an easy-to-use system to collect and compare information regarding rules on transparency registers in the different EU member states," said András Peisch, associate at Dentons Hungary. "Hungarian undertakings subject to anti-money laundering regulations will find it useful to ensure compliance with relevant obligations in their home country, but also to see what regulators in other EU countries expect from a compliance point of view," he added.
The tool is free, available online at transparencyregisterlaws.com. It provides an overview of the status of the Transparency Register’s implementation, while also defining the requirements for the register and the registration process. Furthermore, the tool provides a link to the register in each country and information regarding access and sanctions. The toolʼs users may compare and contrast a maximum of three countries at a time.
"Under the EU’s Fourth Anti-Money Laundering Directive, EU member states are obliged to introduce a central register which holds information on the ultimate beneficial owners of legal entities incorporated within their territory," explained Daren Allen, a partner in Dentons’ litigation and dispute resolution team in London.
The website is useful for all companies and private equity houses operating or actively investing in the EU. It is also a resource for conducting business partner due diligence and complying with legal anti-money laundering requirements.
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