Act on the Registration of Beneficial Owners – offenses

As we stated in the last news, this information letter will, among other things, discuss in more detail the offenses and other sanctions introduced by the new Act on the Registration of Beneficial Owners, which enters into effect on 1.6.2021.

First of all, it is necessary to mention the offense committed by the registrant (i.e. the person who has the beneficial owner), if this person does not ensure the entry of any data in the register of beneficial owners even at the request of the court.

Furthermore, if the court deletes incorrect data from the register of beneficial owners and does not replace them with new ones, the registrant commits an offense, if he does not enter the new data into the register within 15 days of the entry into legal force of the decision. 

Furthermore, this Act introduces an offense that may be committed by the beneficial owner. The beneficial owner commits an offense by failing to provide information the registrant that he became the beneficial owner or by failing to cooperate with his registration as a beneficial owner in the register, but this fault has to be confirmed by the court. Fine up to 500 000 CZK can be imposed for these above-mentioned offences.