Identify Beneficial Owners | Review Information Regularly

The Finnish Act on Money Laundering requires that companies and organizations identify their actual beneficial owners to the Finnish Trade Register. Most companies must file a notification of their actual beneficial owners with the Finnish Trade Register during the period from 1 July 2019 to 1 July 2020.

We recommend that the filing is made in due time. It is important to file this information for registration and furthermore to keep the details up to date. For example, all limited liability companies, co-operatives, insurance companies must file such notification.

The Finnish Act on Money Laundering defines a beneficial owner as a person who either owns a company or otherwise exercises control over the company. In most cases, a beneficial owner is the owner of the company. There can be none, one or several beneficial owners in the company.

Please notice that all companies must file a notification of beneficial owners even if the company has no beneficial owners meeting the requirements stated by law.

New Requirements to Board of Directors | Update Beneficial Owners Information

It is the obligation of the board of directors of the company to identify the actual beneficial owners, file this information for registration and keep this information up to date. The notification must be filed with the Finnish Trade Register always when the information on the actual beneficial owners change.

Possible Consequences | Fine up to EUR 100.000

Companies who fail to comply with the requirement of the Finnish Act on Money Laundering to identify their actual beneficial owners and do not file the information for registration to Finnish Trade Register until 1 July 2020 may be fined up to EUR 100.000.

Companies can file the notification in Finnish Trade Register online service.

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Our Helsinki Business Specialist Ms. Liene Krumina is available to assist and to clarify any questions you may have regarding the above or your current business law issues. Please feel free to contact at helsinki@d-b-in.com with respect to filing the notification according to the Finnish Act on Money Laundering.

Blog Source: https://www.lkoslaw.fi/legal-update-new-requirements-on-registartion-of-beneficial-owners/