Austria’s Beneficial Ownership Registry: A Key Tool in Fighting Money Laundering and Terror Financing
In an effort to combat money laundering and terror financing, Austria has established a beneficial ownership registry, known as the BO Register. The register is maintained by the Registry Authority, which is responsible for ensuring the accuracy and completeness of the data.
What Information is Recorded?
The BO Register records various categories of beneficial ownership information, including:
- Name
- Nationality
- Date of birth
- Address
Which Entities are Covered?
The registry covers a wide range of legal entities, including:
- Ordinary partnerships (GmbH)
- Limited partnerships (Kommanditgesellschaften)
- Stock companies (Aktiengesellschaften)
- Limited liability companies (Gesellschaften mit beschränkter Haftung)
- Commercial and industrial cooperative societies
- Mutual insurance associations
- Small mutual insurance associations
- Savings banks
- European Economic Interest Groupings (EEIGs)
- European companies (SE)
- European cooperative societies (SCE)
- Private foundations
- Associations
- Foundations and funds
Access Policy
The BO Register is available to the public, with comprehensive guidance on how to use it. The registry can be accessed for free by authorities, while obliged entities may access the register for a usage fee.
Fees
- Simple extracts: €3
- Extended extracts: €3.60
- Compliance packages: €7.20
The general public can also access the register for a fee of €3 per extract.
Search Features
The registry provides features to search for information by different types of data, including:
- Legal entity name
- Name of director
- Name of beneficial owner
- By first or last name
- Business address
- Registered agent
It is possible to search for a combination of information using Boolean searches.
Access Restrictions
The registry is accessible to persons demonstrating a legitimate interest, obliged entities, and authorities. Authorities may access the register by searching for legal entities by name or national identifier, while natural persons can be searched by first name, last name, and date of birth.
Conclusion
In conclusion, Austria’s beneficial ownership registry is an important tool in the fight against money laundering and terror financing. By providing access to accurate and comprehensive information on beneficial ownership, the registry helps to increase transparency and accountability, ultimately contributing to a safer financial system for all.