Failure to notify the beneficial owner within 7 days from the date of entry in the National Court Register, or in the case of changes to the data in the register, within 7 days from the date of the change, as well as providing data to the CRBR that is not consistent with the facts, may result in a fine imposed on the business entity of up to 1 million PLN.

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Articles 55-71, 153, 195 of the Act of March 1, 2018, on Counteracting Money Laundering and Financing of Terrorism. Regulation of the Minister of Finance of May 16, 2018, on reporting beneficial owners.

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Registering a company in Poland from 500 PLN at the link https://migrant-support.org/en/uslugi/company-registration-in-poland-sp-z-o-o
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‍We also handle changes in companies; detailed information is available at the link. https://migrant-support.org/en/uslugi/changes-to-the-national-court-register-krs

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All information is taken from the official website https://www.biznes.gov.pl/pl/portal/00165

The importance of registering beneficial owners of Polish companies in the CRBR

In recent years, governments worldwide have become increasingly focused on combating corruption, money laundering, and the financing of terrorism. In this context, Poland has taken steps to enhance corporate transparency and prevent illicit activities. Registering the beneficial owners of Polish companies in the CRBR (Central Register of Beneficial Owners) has become a key measure in achieving these goals. Below are the main reasons why providing this information to the CRBR is essential.

1. Transparency and corruption prevention: The introduction of the CRBR allows for the disclosure of information regarding the actual owners or beneficiaries of Polish companies. This provides critical insight into who truly controls a company and holds real economic influence. It helps identify potential conflicts of interest and prevents companies from being used to conceal illegal activities.

2. Combating money laundering: The CRBR plays a vital role in preventing money laundering through Polish companies. By providing information on beneficial owners, authorities can track fund flows and identify connections between companies that might be used for illicit operations. This helps create a transparent and secure business environment and prevents the negative consequences associated with money laundering.

3. Monitoring terrorist financing: Including beneficial owner data in the CRBR also allows for more effective monitoring of terrorist financing. Well-organized terrorist networks sometimes use companies as channels for moving money. The CRBR helps law enforcement agencies track fund flows and identify potential participants in such operations, contributing to more effective counter-terrorism efforts.

4. Protecting investors and consumers: Registering beneficial owners in the CRBR helps increase trust among investors and consumers. Such information allows them to look behind the scenes of a company and better understand its structure and relationships. This helps protect the interests of investors and consumers by ensuring greater clarity and objectivity in business dealings.

Overall, registering the beneficial owners of Polish companies in the CRBR is a crucial step toward ensuring transparency and preventing corruption, money laundering, and the financing of terrorism. It fosters a favorable regulatory climate and increases confidence in the Polish corporate sector. Thanks to the CRBR, the government can more effectively monitor and regulate company activities, which promotes sustainable economic development and protects the interests of all business participants.