Chapter II, Section 1, Article 10, Paragraph 7. · Directive (EU) 2024/1640

Contents

7.Member States shall ensure that the beneficial ownership information held in the central registers is adequate, accurate and up-to-date, and shall put in place mechanisms to that effect. For that purpose, Member States shall apply at least the following requirements:

(a)entities in charge of the central registers shall verify, within a reasonable time upon submission of the beneficial ownership information, and on a regular basis thereafter, that such information is adequate, accurate and up to date;

(b)competent authorities, if appropriate and to the extent that such requirement does not interfere unnecessarily with their functions, shall report to the entities in charge of the central registers any discrepancies they find between information available in the central registers and the information available to them.

The extent and frequency of the verification referred to in point (a) of the first subparagraph of this paragraph shall be commensurate with the risks associated with the categories of legal entities and legal arrangements identified pursuant to Article 7(3), point (d), and Article 8(4), point (c).By 10 July 2028, the Commission shall issue recommendations on the methods and procedures to be used by entities in charge of central registers to verify beneficial ownership information and by obliged entities and competent authorities to identify and report discrepancies regarding beneficial ownership information.