“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.
Producing journalism that is worthy of the name is a costly business. For over 30 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.
