Recital 123

(123) Underpinning an effective framework on beneficial ownership transparency is the knowledge by legal entities of the natural persons who are their beneficial owners. Thus, all legal entities in the Union should obtain and hold adequate, accurate and up-to-date beneficial ownership information. That information should be retained for 5 years and the identity of the person responsible for retaining the information should be reported to the central registers. That retention period is equivalent to the period for retention of information obtained through the application of AML/CFT requirements, such as customer due diligence measures. In order to ensure the possibility to cross-check and verify information, for instance through the mechanism of discrepancy reporting, it is justified to ensure that the relevant data retention periods are aligned.

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Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.