For entrepreneurs

The disclosure of the beneficial owner is mandatory for OG, KG, EG, GmbH, GmbH & Co KG, GesnbR, cooperatives, unlisted AG, associations and foundations.

As a bank, we are bound by the provisions of the Financial Market Money Laundering Act (FM-GwG) and the Economic Owners Register Act (WiEReG). Due to the due diligence obligations contained in the law (Section 6 (3) (2) FM-GwG), we are obliged to request our customers and disclose the identity of his or her beneficial owner(s). You as a customer must confirm this information to us in writing and with appropriate evidence.

Legislation requires us as a bank to provide our customers with written confirmation of the beneficial owner - information from the company register is not sufficient in this respect.

This will delay the processing of your application, as we are not allowed to create a contract without this information.

Control rights are not taken into account when determining the civil law owner, but they are taken into account when determining the beneficial owner.

This refers to the authority of a member of a company to participate in the formation of the company's will by means of resolutions. As a rule, voting rights are exercised at the shareholders' meeting or annual general meeting.

Through control rights, corporate policy can be influenced and decisions in the company can be co-determined.

All beneficial owners must be named. Also those with less than 25% shareholding if they achieve more than 25% influence by exercising their control rights/voting rights. The control rights/voting rights result from the shareholders' agreement and cannot be determined by us, as we are not familiar with it.

With the exact legitimation data including the control rights/voting rights. If necessary, the information must be confirmed with appropriate documents (e.g. foreign company register excerpt, excerpt on shareholders from a share register, supplementary foundation documents, etc.).

In the case of ownerless companies, the natural persons who belong to the top management level of the company (e.g. managing director, board of directors, etc.) are deemed to be the beneficial owners in accordance with Sec. 2 (1) cc) WiEReG.

In this case, please complete the self-disclosure accordingly and return it to Porsche Bank signed by the company.

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