Like other law firms, Elmann Advokatpartnerselskab is subject to the Danish Act on measures to prevent money laundering and financing of terrorism (the Money-Laundering Act).
The Act requires us to collect and store evidence of the identity (ID) of all our clients. Before we can provide services to a client, we need the client's name, address and civil registration or company registration number and in certain cases, we will ask the client to verify the information.
In the case of companies and foundations, we are further required to collect and store information and documentation of the company's or foundation's real ownership structure.
The real owners of a company means the natural persons who directly or indirectly hold or control 25% or more of the share capital or the voting rights in the relevant company as well as natural persons who otherwise control a company's management.
The real owners of a foundation means the natural persons who, according to the bylaws of the foundation, are to receive 25% or more of the foundation's award funds or in whose main interest the foundation has been established as well as natural persons who otherwise control at least 25% of the foundation's award funds.
The Danish Money-Laundering Act further requires us to check transactions if there are/in case of suspicions of money-laundering or financing of terrorism. In this context, we are also obliged to notify the office of the Public Prosecutor for Serious Economic Crime or the Danish Bar Association.