13 July is the new postponed deadline for submitting information on ultimate beneficial owners to the Central Register of Ultimate Beneficial Owners
As of 13 October 2019, i.e. the date of entry into force of certain provisions of the Act of 1 March 2018 on Countering Money Laundering and Terrorist Financing (Journal of Laws of 2018, item 723, hereinafter: the ”Act”), every commercial law company, except for partnerships and public joint stock companies, is obliged to report information on ultimate beneficial owners in the Central Register of Ultimate Beneficial Owners (hereinafter “CRUBO” or “the Register”) before the statutory deadline.
The deadline for submitting the company identification data and data of the ultimate beneficial owners for commercial law companies registered in the National Court Register before the entry into force of the Act, i.e. before 13 October 2019, was 6 months after that day, i.e. the notification should have been submitted to the Register by 13 April 2020.
However, due to the outbreak of the COVID-19 pandemic, the deadline for submitting the information on the ultimate beneficial owner has been postponed by 3 months, i.e. until 13 July 2020.
Please remember that all civil law companies entered in the National Court Register before 13 October 2019 have only time until 13 July 2020 to fulfil the statutory obligation.
The penalty for failure to meet the deadline provided for in the Act for companies submitting the required information to the CRUBO is a fine of up to PLN 1 million.
More information on the requirements regarding the submission of the information on the ultimate beneficial owners can be found in our article Central Register of Ultimate Beneficial Owners, i.e. Transparency Above All. We invite you to read this publication!