On 1 June 2022, the last protective period for completing the data in the beneficial ownership register under Act No. 37/2021 Coll., on the Registration of Beneficial Owners (hereinafter referred to as the “BOR Act”) will expire.

However, this date applies only to those registrants under the BOR Act that are not commercial corporations (trusts, private foundations, institutes, public service companies, etc.) and that have ensured the registration of their beneficial owner’s information in the beneficial ownership register in compliance with previous legislation.

If you have already made an entry before the BOR Act came into force, we therefore recommend that you check the entry and, if necessary, amend it, so that it complies with the current legislation. Otherwise, you expose yourself to the risk of misdemeanour liability, where a fine of up to CZK 500,000 may be imposed for an offence under the Beneficial Owners Registration Act. If you have a bank account, the bank or other obliged entities under the AML Act, e.g. tax consultant, will surely soon notify you of the inconsistency.

If you are not certain about how to make an entry in the register, please, do not hesitate to turn to us. We will be happy to help you.