July 2019
New reporting obligations related to beneficial owners
As of 1st of July, 2019 most companies, including all non-listed limited liability companies and co-operatives, must file a notification of their actual beneficial owners with the Finnish Trade Register. This requirement is based on the Finnish Act on Money Laundering and the underlying EU directive. The Act on Money Laundering defines the beneficial owner as a person who either owns a company or otherwise exercises control over the company. The notification of beneficial owners should be submitted during the period from 1st of July 2019 to 1st of July 2020, and thereafter whenever the details change or a new company is set up.
The notification should be filed online at ytj.fi. The online service is available in Finnish and Swedish. Only in exceptional cases may a paper notification be filed. A company may authorize a representative to file the notification on behalf of the company. The details on beneficial owners are not published in the Trade Register. Only parties with a purpose of use in accordance with the Act on Money Laundering can obtain the details from the Trade Register.
The notification should be filed online at ytj.fi. The online service is available in Finnish and Swedish. Only in exceptional cases may a paper notification be filed. A company may authorize a representative to file the notification on behalf of the company. The details on beneficial owners are not published in the Trade Register. Only parties with a purpose of use in accordance with the Act on Money Laundering can obtain the details from the Trade Register.
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The information in this site has been prepared for general informational purposes only and it should not be used as a substitute for consultation with a professional tax, legal or other competent advisor. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, Effektiivi Oy is not responsible for any errors or omissions, or for the results obtained from the use of this information.
The information in this site has been prepared for general informational purposes only and it should not be used as a substitute for consultation with a professional tax, legal or other competent advisor. While we have made every attempt to ensure that the information contained in this site has been obtained from reliable sources, Effektiivi Oy is not responsible for any errors or omissions, or for the results obtained from the use of this information.
