New corporate obligation: registering the beneficial ownership of companies
On 19 September, Royal Decree 609/2023 of 11 July 2023, published on 12 July (hereinafter "the Royal Decree"), which creates the Central Registry of Real Estate Ownership and approves its operating regulations, entered into force in general terms.
This implements the provisions of the third and fourth additional provisions of Law 10/2010, of 28 April, on the prevention of money laundering and terrorist financing, necessary to complete the transposition of the Fifth Anti-Money Laundering Directive of the European Parliament and of the Council.
The purpose of the RCTIR is to centralise, in a purely electronic form, beneficial ownership information currently available from various sources, in addition to that provided directly to it by those obliged to report (hereinafter "obligors"), and to publicise it in order to protect the integrity of the financial system and other sectors of economic activity through the prevention of money laundering and terrorist financing. At the same time, it aims to ensure the interconnection of beneficial ownership information at European level.
In order to centralise existing information, the RCTIR will collect the data registered in official Spanish sources such as the Registers of Foundations, Associations, Cooperatives, Agricultural Transformation Companies, the Spanish Association of Property, Mercantile and Movable Property Registrars (through the Mercantile Registers) or the General Council of Notaries, among other registers with competence in the collection of data on beneficial ownership.
With regard to the information provided directly, although to date Spanish trading companies were already obliged to provide their beneficial ownership when submitting their annual accounts, this new regulation brings with it some new obligations of particular importance which, if not complied with, may lead to penalties.
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