Don’t miss CRBR notification and update deadlines

18 March 2024 | Knowledge, News, The Right Focus

The Anti-Money Laundering and Counter-Terrorism Financing Act (Act) requires the notification and updating of information on the beneficial owners of partnerships and companies (and other entities referred to in Article 58 of the Act) to the Central Register of Beneficial Owners (CRBR).

Any natural person exercising control over such an entity (directly or indirectly), with such control being conferred by the power to exercise decisive influence over the acts or activities of that entity, should be identified in the notification as a beneficial owner, i.e. any person who:

  • Is a shareholder with the rights of ownership to more than 25% of the total number of shares
  • Holds more than 25% of the total number of votes in the governing body of that entity
  • Controls one or more legal persons which together hold more than 25% of the total number of shares or votes in their governing bodies
  • Exercises control over a legal entity by holding the powers referred to in Article 3(1) (37) of the Accounting Act of 29 September 1994 (Journal of Laws 2023, items 120 and 295)

In exceptional cases where beneficial owners cannot be identified or where their identity is in doubt, a natural person holding a senior management position (e.g. a management board member) should be identified in the notification as a substitute beneficial owner.

CRBR notification deadline

New entities should notify the CRBR no later than 14 days after their registration in the National Court Register (KRS). For subsequent notifications, the deadline is calculated from the actual date on which the event triggering the need to notify the CRBR occurred.

The date on which the event occurs will differ, depending on whether registration in the KRS is required for a change in information to become effective (e.g. constitutive changes, such as an increase in share capital and subscription of new shares) or whether an action becomes effective at the moment it is performed (e.g. changes in the management board, sale of shares) – being the date of registration in the KRS in the first case and the date of the specific action in the second. The deadline for making an update notification is 14 days after that date.

Penalties for failure to notify

Non-compliance with the CRBR notification requirements is subject to severe sanctions.

A fine of up to PLN 1 million may be imposed for:

  • Failure to notify or update information in a timely manner, or
  • Submitting factually inaccurate information

The initial notification and all subsequent updates must be made by electronic means at https://crbr.podatki.gov.pl

The notification should be signed with a qualified or trusted signature by a person authorised to represent the entity concerned, in accordance with the rules of representation.

Any questions? Contact

Adam Czarnota

Latest Knowledge

Belka tax cut and what this means for companies

The Minister of Finance has announced a plan to reduce the Belka tax, to come into effect on 1 January 2025. And although he has said that the groundwork is already being laid, he has not yet revealed all the details of the proposed changes.

Liability of management board members

The liability of management board members is a complex and multifaceted issue. It is therefore worth taking a closer look at these issues, especially in light of recent developments.

Effectively managing collective redundancies

The labour market is seeing an increased number of collective redundancies. We check what rules govern collective redundancies and what obligations must be fulfilled in order to carry them out effectively.

SME Fund – Tomasz Szambelan accredited IP Scan provider

Tomasz Szambelan has been included in the list of accredited IP Scan providers maintained by the Polish Patent Office. The IP Scan service is part of the grant scheme for the filing of trade marks, designs and inventions from the European SME Fund.

New rules for setting fines for businesses by the President of UOKiK

At the beginning of April 2024, the President of the Office of Competition and Consumer Protection (UOKiK) published new clarifications on the determination of the amount of fines in cases related to the conclusion of agreements restrictive of competition and the abuse of dominant position.

Contact us:

Adam Czarnota

Adam Czarnota

Advocate, Senior Associate

+48 787 389 207

a.czarnota@kochanski.pl