WiEReG – Austrian compliance package comes into force

On 10 November 2020, the specific provisions on the Austrian Compliance Package     (§ 5a of the Act on the Register of Ultimate Beneficial Owners – WiEReG) came into force. Legal entities through professional representatives may now voluntarily submit certain documents to the Register of Ultimate Beneficial Owners which will be stored electronically in a “package” for a period of 12 months.

The principle aim of the Compliance Package is to standardise and simplify KYC processes and thus reduce the administrative burden of legal entities in this respect.