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Czech Republic: Amendment to the Act on UBO Registration

The Amendment to the Act on Ultimate Beneficial Ownership (UBO) Registration No. 245/2022 Coll. came into force on the 1st of October 2022.

This introduced an extended definition of UBO, which now more corresponds to the Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing as amended by the Directive (EU) 2018/843.

Entities are now required to ensure that the registered UBO data conforms to the UBO definition introduced by the amendment. If the already registered UBO data corresponds to the new Amendment, no further action is necessary. Otherwise, the deadline to submit the correct registration is the 31st of March 2023.