Not registered in the Register of Beneficial Owners yet? What else you can manage to do by the end of the year?
26. 09. 2019
You are probably not alone being late. It is our national sport to meet deadlines five minutes to twelve, sometimes even later and often not at all. Such attitude doesn´t always pay off, especially in the business world.
For companies registered in the Company Register, the deadline for entry of beneficial owners lapsed on 31 December 2018.
If you are in delay with this obligation, you are violating the AML law. Under certain circumstances, this may result in a withdrawal of your business license. If you want to learn more about this duty and find out who is deemed to be the beneficial owner by law and how to proceed with the registration, please read our article „New Reporting Obligation of Companies to Register their Beneficial Owner“ and the follow-up memo „Register of Beneficial Owners“
Like so many times before, Czech legislators failed to offer a simple and clear-cut solution for businesses to follow. We will gladly help you register the beneficial owner in the Beneficial Owners Information System. Save yourself the headache, forget about paper forms and unnecessary red tape. We will do it for you through our „ONLINE Legal Counseling Center“ (Members of the Chamber of Commerce enjoy a special price.)
GGDPR ACT – FINES ARE A REALITY!
In April 2019, the Czech Parliament finally completed the implementation of the General Data Protection Regulation (GDPR) into the Czech legal system by putting into force the Adaptation Act. Based on the Act, the Office for Personal Data Protection has, among other things, acquired the authority to penalize breaches of obligations arising from the legislation on the protection of personal data.
It is high time to take appropriate measures in the area of personal data protection in connection with GDPR. What do these measures include? They include a review of internal rules and regulations, contracts, data security and, last but not least, consent with the processing of personal data so that you can continue to use the data. Also included is the information duty towards the data subjects of personal data and „training of employees.“
In the context of implementing such measures, it is advisable to consider whether your company would benefit from the so-called compliance program.
A compliance program is the only protection against corporate criminal liability.
There is nothing mysterious behind the notion. A compliance program is a properly designed set of internal rules, measures and procedures that correspond with the ethical principles of the company's functioning. Their introduction and observance should prevent any negative impact of possible criminal conduct of individuals operating within the company. The compliance program can effectively protect the assets and goodwill of a company which has no other way of avoiding criminal prosecution for unlawful conduct of its employees and directors. A functional compliance program is the only way how to protect your business.
Read more about compliance programs in the article by JUDr. Roman Felix „A suitable compliance program to protect your company!“
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