WHO IS A BENEFICIAL OWNER?

The Austrian Register of Beneficial Owners (‘WiEReG’) contains data on the beneficial owners of companies, foundations and trusts for the purposes of preventing money laundering and terrorist financing.

Individuals who are beneficial owners of the referred entities with connections to Austria, may have the obligation to report it to the register, which is updated annually. This obligation also applies in certain cases to entities incorporated abroad and non-resident individuals.

The ‘WiEReG’ is applied across the EU and failure to comply with its reporting obligation may include penalties.

In order to avoid sanctions, the legal advice of a Notary Public or lawyer should be sought.

WiEReG Photo (c) Schwank