Clifford Chance

Changes to the registration of UBO under Czech law

27 September 2022

As a reaction to the proceedings conducted by the European Commission against the Czech Republic due to the incorrect implementation of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing ("AMLD V"), which is partially implemented in the Czech Act No. 37/2021 Coll., on the Register of Beneficial Owners (the "UBO Act"), an amendment to the UBO Act was adopted to fully align Czech legislation with AMLD V (the "Amendment").

The Amendment will become effective as of 1 October 2022 and, for some companies, it may bring an obligation to change the registration of their ultimate beneficial owner (the "UBO").

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