Failure to notify the entity by July 31, 2019 will result in a penalty of €1,250 to €1,250,000.
In force in Luxembourg since 1 March this year, legislation on the prevention of the use of the financial system for money laundering or terrorist financing requires entities registered with the Luxembourg Trade and Companies Register to report information on their beneficial owners.
Katarzyna Bożekowska-Zawisza and Łukasz Bożekowski from KBAS LEGAL law firm in Luxembourg, a member firm of the Polish-Luxembourg Chamber of Commerce, write about the notification procedure, access to particular information and penalties for entrepreneurs in case of failure to notify the information in due time.
Katarzyna Bożekowska-Zawisza and Łukasz Bożekowski from KBAS LEGAL law firm in Luxembourg, a member firm of the Polish-Luxembourg Chamber of Commerce, write about the notification procedure, access to particular information and penalties for entrepreneurs in case of failure to notify the information in due time.