Access to the Central Register of Beneficial Owners (CRBR) will no longer be publicly available. Among other things, this change will affect the way in which businesses are able to verify their trading partners.
In a commentary for the Prawo.pl website, Justyna Burska explains the rules under which businesses will be able to obtain data from the CRBR and what the process of obtaining information about the beneficial owners of business partners might look like in practice.
The waiting time for data from the register may prove to be a significant challenge. During the transitional period, which will last until 30 September 2028, it may take up to 30 days to obtain the information.
As Ms Burska points out, the changes should not significantly disrupt ongoing cooperation with already verified business partners. However, they may lengthen and formalise the process preceding the establishment of new business relationships. This may be of particular significance in the case of transactions requiring swift action and for entities which, due to the scale of their operations, regularly carry out a large number of business partner verifications.
For more on the changes regarding access to the CRBR and their practical implications for businesses, see Justyna Burska’s commentary for Prawo.pl: LINK
