Like other law firms, Elmann Advokatpartnerselskab is subject to the Danish legislation on measures to prevent money laundering and financing of terrorism (the Money- Laundering Act).
The Act requires us to collect and store proof 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. In some situations, we will ask the client to supply documentation for the information.
In the case of companies and foundations, we are required to collect and store information and documentation of the company’s or foundation’s actual ownership structure.
The actual owners of a company are the natural persons who directly or indirectly hold or control 25% or more of the share capital or the voting rights as well as natural persons who otherwise control the management team in a company.
The actual owners of a foundation are the natural persons who, according to the bylaws of the foundation, are to receive 25% or more of the foundation’s grant funds or in whose main interest the foundation was established, as well as natural persons who otherwise control at least 25% of the foundation’s grant funds.
The Danish Money- Laundering Act further requires us to check transactions in case of suspected of money- laundering or financing of terrorism. We are obliged to notify the State Prosecutor for Special Crime or the Danish Bar Association.