Austria (AT)

Jurisdiction Overview

IDQuestionAnswer
473 *BO Update: Is the update of information on the identity of beneficial owners mandatory? No, because bearer shares are available/circulating/not registered with a public authority (see below).
 Data Date: 2018

Notes

 
While the 2017 law requires beneficial ownership to be updated, it is not possible to enforce this because of the availability of bearer shares (see note on bearer shares). In 2018, the Global Forum confirmed that "the legal entities must carry out a review of the due diligence at least once a year, and check whether the beneficial owners listed in the Register are still up-to-date" (GF 2018: 33); also, "amendments to the information supplied must be submitted within four weeks of obtaining knowledge of the change" (Ibid.: 36).

Sources

GF 2018: 33; 36