DEN CRG consultation on the proposal for a law amending the act on the central business register, the companies act and various other laws (amendment of access to information on beneficial owners as a result of 6th anti-money laundering directive).
Follows EU CNCL May 2024 adopted the package of new AML rules, see #198249.
Also DEN FSA Jun. 2024 blogged on new AML package coming into force, #217029.
Proposals
Bill implements parts of EU Dir 2024/1640 (AMLD6), which aims to ensure compliance with EU judgment of Nov. 22, 2022 in joined cases C-37/20, C-601/20, see #154143.
Compliance with the judgment must be implemented by Jul. 10, 2025 at the latest.
AMLD6 also sets out provisions on who can access and control the real estate information, and this is required to be implemented by Jul. 10, 2026.
The bill will ensure beneficial ownership information is no longer publicly available in order to ensure adequate protection of personal data and right to respect for privacy.
Law will enter into force by order when amendment to DEN CRG IT solution is ready.
Bill will restrict access to register of beneficial owners so that in future only competent authorities, obliged entities and persons with a legitimate interest will have access.
There will be registration checks in connection with requests for access to information on beneficial owners and subsequent risk-based checks to ensure that the conditions for access to information on beneficial ownership are continuously met
Access can be refused or later revoked if conditions for obtaining access are not met.
DEN CRG can lay down more detailed rules regarding the registration requirements.
Anyone who intentionally or through gross negligence discloses information about beneficial owners to others who are not competent authorities, obligated entities or persons with a legitimate interest, or publishes the information, can be fined.
Effectiveness
Comments requested by Feb. 20, 2025 at 12 noon, with Act to commence Apr. 2025.
In Feb. 2025 DEN CRG consulted on draft orders on registration, see #242856.
Apr. 2025 Bill Issued
On Apr. 9, 2025, DEN PRL issued billL 192 Proposal for an Act amending the Act on the Central Business Register, the Companies Act and various other acts (Restriction of access to information on beneficial owners as a result of the 6th AML Directive).
The bill will limit public access to information about beneficial owners to only competent authorities, obliged entities and persons with a legitimate interest.
They will be determined by DEN CRG; introduction of a fine for disclosing information about beneficial owners to unauthorized persons or publishing the information.
In May 2025, DEN CRG consulted on exec order re L 192 entry into force, #256168.
May 2025 Report Submitted
On May 27, 2025, DEN PRL said report submitted on bill L 192 proposal for an Act amending the Act on the Central Business Register, the Companies Act and various other acts (Restriction of access to information on beneficial owners due to AMDL6).
Placed on agenda for 2nd reading Jun. 3, 2025 and 3rd reading Jun. 11, 2025.
Jun. 2025 Bill Adopted
On Jun. 11, 2025, DEN PRL reported adoption of bill L 192 proposal for an Act amending the Act on the Central Business Register, the Companies Act and various other acts (Restriction of access to information on beneficial owners due to AMDL6).
Bill adopted with 77 votes in favor, 29 votes against and 0 abstentions.
Minister for Industry, Business and Financial Affairs will determine entry into force.
Jun. 24, 2025 Official Gazette
On Jun. 24, 2025, DEN PRL published Act amending the Act on the Central Business Register, the Companies Act and various other acts, Act 710 of Jun. 6, 2025.
Jul. 2025 Entry in Force Order
On Jul. 1, 2025, DEN GVT published Executive Order on the entry into force of Act 710.
The Executive Order and therefore Act 710 both now enter into force on Sep. 1, 2025.
Regulators
DEN CRG; DEN GVT; DEN PRL
Entity Types
B/D; Bank; BS; CNSM; Corp; Exch; Ins; Inv Co; MSB
Reference
BEK 971, 7/1/2025; OG Act 710, 6/24/2025; Bill L 192, 6/11/2025; PR 5/27/2025; Bill L 192, PR 4/9/2025; CP, 1/23/2025; AMLA Reg 2024/1620; AMLR Reg 2024/1624; AMLD6 Dir 2024/1640; AMLD Dir 2015/849; Reg 2015/847;
