Complying with all transparency terms set forth herein is our condition for enter in into a business relationship with our (CS Management Services GmbH, „CS“) customer and maintaining it. These transparency terms are a part of our agreement during the entire business relationship. CS is entitled to amend these terms according to changes in applicable laws. Failure to comply with these terms entitles CS to reject the business relationship and/or terminate it with immediate effect.
CS is obliged to adhere to the regulations of the „5th Anti-Money Laundry“ directive. Said directive has been put into Austrian law in the Commercial Code. Therefore, the following must be executed / complied with / documented:
IDENTIFYING THE BENEFICIAL OWNER
Beneficial Owner means any natural person(s) who ultimately owns or controls the customer and/or the natural person(s) on whose behalf a transaction or activity is being conducted and includes at least.
The persons considered to be the beneficial owners of corporate entities: the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in that entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with Union law or subject to equivalent international standards which ensure adequate transparency of ownership information.
- A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a natural person shall be an indication of direct ownership.
- A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a corporate entity, which is under the control of a natural person(s), or by multiple corporate entities, which are under the control of the same natural person(s), shall be an indication of indirect ownership. CS is obliged to keep records of information and/or documents received.
IDENTIFYING ALL INDIVIDUALS INVOLVED IN THE BUSINESS RELATION
- By providing a valid travel document (passport) shown to us during a personal meeting. In case a personal meeting is not scheduled, we require a legalized copy of said documents.
- For corporate entities, we require documents, that, according to the laws of the jurisdiction, where the company is seated, prove its existence, name, type of entity, representation rights;
- For corporate entities: Company Chart (all affiliated companies)
- In case the customer is represented by a third party: a Power of attorney.
- A „Utility Bill“ of the beneficial owner(s) (not older than three months).
- CS is entitled to request further documents and/or information, if required for complying with the applicable laws.
- A letter of recommendation (German or English) of the client’s main bank
The customer acknowledges, that certain transactions and/or actions require further documents and/or information (for example (police records).
INFORMATION ABOUT FUTURE BUSINESS ACTIVITIES
- Business Plan
- Information and documents regarding the source of funds, in particular bank statements, tax declarations, tax assessments, bank letters
The aforementioned documents are preliminary information in order to prepare the business relation. Upon knowing all details regarding the customer and /or the business operation, CS will request additional documents and or information. The customer herewith acknowledges, that down payments are not refundable, if CS is obliged to terminate the business relation, respectively to abstain from entering into one.
OBLIGATIONS OF THE CUSTOMER
The customer is obliged to provide any and all requested documents and/or information in a transparent and truthful way as well as to inform CS immediately, if important changes in the customer’s structure and/or beneficial ownership structure occur. The customer agrees to CS handling the data provided to the extent required by law. For more information about CS’s obligations, please refer §§ 365m ff. GewO and WieReG.