Three years after the European Court of Justice invalidated public access to beneficial ownership registers, EU member states continue implementing varied access frameworks. This creates challenges for compliance teams conducting UBO verification across borders.

The 2022 ECJ Ruling

In November 2022, the ECJ ruled that public access to beneficial ownership information constituted a disproportionate interference with privacy rights. Member states were required to restrict access while maintaining it for authorities and obliged entities with legitimate interest.

Current Access Landscape

Implementation varies significantly: some states require case-by-case access requests, others have implemented tiered access based on entity type, and a few maintain relatively broad access for obliged entities. This fragmentation complicates cross-border due diligence.

Country-by-Country Status

Luxembourg: Access via RBE for obliged entities with registration. Germany: Transparenzregister access requires legitimate interest demonstration. France: RBE access maintained for obliged entities. Netherlands: KVK access restricted, enhanced verification needed.

Practical Implications

Compliance teams must now: register with each national register for access, document legitimate interest for each search, maintain records of UBO verification attempts, and consider alternative verification methods when register access is delayed.

Alternative Verification Methods

When register access is limited, consider: requesting ownership documentation directly from customers, using commercial data providers with licensed access, obtaining notarized ownership declarations, and reviewing group structure documentation.

Looking Forward

The new EU AML package aims to create a more unified framework for UBO register access. Until then, compliance teams must navigate the current patchwork while documenting their verification efforts thoroughly.