THE V DIRECTIVE ABOUT ANTI-MONEY LAUNDERING AND LIMITATIONS OF GDPR

The V anti-laundering directive introduced a new communication system in order to grant the transparency about the effective ownership and control structures of companies, other legal entities, some types of trusts and similar legal institutions.

In order to achieve this objective, the Member Countries are required to provide for the identification of trusts recognized by national law, and of similar legal institutions, identifying / communicating a several data concerning the actual beneficial owner of the structures.

Considering the transparency of the information is generated, also arises the need to limit the information acquired about the status of the beneficial owners and on their sphere of economic activity, so the information is include and consultable in the national registers, for a period of five years.

However it’s important to protect the right of natural persons to be informed about the conservation of their personal data within the national registers, in accordance with the current European legal framework on data protection and the applicable procedures for exercising them (GDPR).

Our staff is available for any clarifications.