ECJ Ruling Ends Unlimited Public Access To UBO Register

Under Article 30 (5) (c) of Directive (EU) 2015/849 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing (AML Directive 2015), Member States are obliged to ensure that information on beneficial ownership is accessible by any person or organisation that can demonstrate a legitimate interest in obtaining it. Directive (EU) 2018/843 of the European Parliament and of the Council (AML Directive 2018) amended (and softened) the original provision on access to information of the AML Directive 2015 by extending the right to access to any member of the general public, with no requirement to demonstrate a legitimate interest. Article 30 (9) of the AML Directive 2018 grants Member States the possibility to provide for an exemption right to restrict the access to all or part of the information on the beneficial ownership on a case-by-case basis, applicable only in exceptional circumstances.