Europe is preparing to reintroduce public access to beneficial ownership registers after several years of legal uncertainty.
The decision follows ongoing pressure from transparency organisations, financial crime bodies, and policy groups calling for clearer visibility into who controls companies, trusts, and other asset-holding structures. The move signals a broader shift: privacy will still exist, but opacity will not. For holdings, family wealth vehicles, and trust arrangements, this marks a meaningful change in how structures will be managed and justified in the years ahead.
Why Europe Is Bringing Back Beneficial Ownership Registers
The initial removal of public access in 2022 created unintended consequences. While designed to protect personal privacy, it also made it harder to identify misuse of corporate vehicles, exposed weaknesses in AML supervision, and drew criticism from international watchdogs. Transparency advocates argued that limiting access created new blind spots around sanctions evasion, illicit wealth flows, and the use of anonymous entities.
With the EU strengthening its AML framework, including the establishment of a new AML Authority, policymakers are moving toward a model that restores access while adding safeguards. Instead of full exposure, Europe is likely to follow a layered approach: basic data visible to the public, with more detailed information available only to regulated professionals.
What Greater Transparency Means for Holdings
Holding companies are widely used for consolidation, succession planning, or risk isolation. These functions remain legitimate and will remain fully lawful. What changes is the expectation that ownership information must be consistent, verifiable, and easy to reconcile across filings.
Holdings may need to streamline ownership chains or clarify the purpose behind each layer in multi-jurisdictional structures. Banks and regulators will increasingly look for alignment between:
- corporate filings
- tax records
- internal registers
- banking documentation
Structures that rely on administrative complexity rather than clear governance may face additional questions. Those with a coherent rationale will continue to operate normally, but they will be expected to show that rationale when asked.
How Trusts Will Be Affected by the New Framework
Trusts will experience one of the most notable shifts. They have always required disclosure to competent authorities, but many operated with limited external visibility. With beneficial ownership registers returning, trusts connected to the EU—either through assets, trustees, or business relationships—will be required to disclose the relevant persons involved.
This includes settlors, trustees, protectors, and beneficiaries who exercise control or receive defined benefits. Even where full names are not publicly displayed, authorities will maintain complete records. Trusts designed for privacy rather than governance may need to adapt, while well-structured family or succession trusts will primarily face additional administrative obligations.
Why “Opacity by Habit” Will No Longer Work
Some holding and trust structures evolved over time without a clear governance reason—layers added for convenience, not purpose. In a new era of transparency, these setups may raise questions simply because they are difficult to interpret.
- Europe’s renewed registers will make it easier to identify:
- circular ownership
- nominees used without clear justification
- unexpected control paths
- entities lacking economic or operational substance
This does not mean legitimate privacy disappears. It means that structures must be explainable, consistent, and grounded in purpose rather than obscurity.
The Banking Perspective: Expect Earlier and Deeper Questions
Banks are tightening their KYB and AML processes in parallel with the regulatory changes. Even before registers reopen, financial institutions across Europe are conducting broader reviews of complex entities.
- Holdings and trusts should expect:
- enhanced due-diligence requests
- demands for updated organisational charts
- clarification of governance roles
- deeper examination of source-of-wealth and source-of-funds
- periodic re-verification of beneficial owners
This is not punitive; it is procedural. Banks increasingly operate under the assumption that information must be accurate across all touchpoints. Entities with outdated or inconsistent documentation may face delays, while well-maintained structures will benefit from smoother onboarding and review cycles.
Privacy: Still Protected, but Differently
A key concern around beneficial ownership transparency has been the exposure of personal information. European policymakers acknowledge this and are designing systems that protect individuals while enhancing accountability.
- The emerging model is expected to include:
- protection of sensitive personal data
- non-disclosure of minors’ details
- exemptions for vulnerable individuals
- restricted access to certain fields
- traceability for professionals accessing full records
The intention is not to reveal personal wealth. The intention is to identify who holds control, decision-making authority, and financial benefit.
How Holdings and Trusts Can Prepare for the New Rules
Preparing early will reduce disruption once registers return. Practical steps include:
- Review ownership structures and simplify unnecessary layers.
- Update internal registers and ensure consistency across jurisdictions.
- Refresh governance documents such as trust deeds, resolutions, and appointment records.
- Document the purpose behind each entity in a structure.
- Coordinate with advisers to ensure filings, tax declarations, and bank information match.
- Prepare beneficiaries for potential new identification requirements.
These actions help ensure that the structure remains compliant, defensible, and functional under increased visibility.
A New Transparency Landscape, Not a New Threat
The return of beneficial ownership registers in Europe is part of a global trend. Transparency is becoming standard practice, and Europe is aligning its systems with international expectations. Holdings and trusts with clear governance, legitimate purpose, and well-organised documentation will continue operating effectively.
The upcoming era rewards clarity, not complexity. It values purpose over opacity. And it places well-maintained structures in a stronger position—trusted by banks, compliant with regulators, and aligned with international norms.
If you want a full risk assessment of your current setup, or guidance on designing a structure that is acceptable to acquirers and compliant with 2026 scheme rules, Widelia can support you in building a safer and more bankable merchant profile. Feel free to book a complimentary call with our expert team.
For deeper industry insight, see our article: “New Banking Rules under MiCA for Crypto Businesses”
Disclaimer
Widelia and its affiliates do not provide tax, investment, legal or accounting advice. Material on this page has been prepared for informational purposes only and is not intended to provide, and should not be relied on for, such advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction. https://widelia.com/disclaimer/
