Register of Beneficial Owners (REBECO / RBO) : Deadline is fast Approaching!
This newsletter is intended to inform you of the new Luxembourg law related to the mandatory registration of beneficial owners into the central register and the impact for you.
Beneficial owner(s) of each Luxembourg entity have to be registered with the central register of beneficial owners (“BOs”) by 31st August 2019. Not uploading the information into this register on time may lead to a penal fine ranging from 1,250 € to € 1,250,000 € for the Beneficial Owner. You will find more information on the subject in the legal background here under.
Legal background and Beneficial Owner responsibility
On 30 May 2018, the European Parliament amended Directive 2015/849 on the use of the financial system for the purpose of money laundering or terrorist financing. Pursuant to this directive, each country was obliged to set up a register of beneficial owners at national level.
In Luxembourg, the Directive was transposed by the law of 13 January 2019 which took effect on 1 March 2019 and led to the creation of a platform for the deposit of beneficial owners “REBECO” under the supervision of the Ministry of Justice. As a result, each Luxembourg entity registered in the RCS must now register all its beneficial owners on the deposit portal created for this purpose.
For existing companies the entry into force of the law, a period of time is granted until 31 August 2019 to comply with the provisions of the new law. Failure to comply with the obligation to deposit in the register of beneficial owners is then punishable by a fine ranging from €1,250 to €1,250,000.
The data to be filed in the register of beneficial owners “REBECO” are as follows:
- Surname and first name (s),
- Day, month and year of birth,
- Place of birth,
- Country of residence,
- Nature and extent of the effective interests held (i.e. in most cases the holding of shares),
- Private or professional address,
- Personal identification number: Luxembourg national identification number (personnel number) or foreign identification number + copy of an identification document,
The registration in the official platform is the responsibility of the beneficial owner(s) but Advisoria has resources and processes to help Beneficial Owners and entities to fulfill their obligations.
Our service fee for this service starts at € 275,- excluding VAT.
If you need more information, don’t hesitate to contact us at:
00 352 36 72 41 34