Entries in the RPVS may be made only by an authorised person, and only electronically. The Anti-Letterbox Company Act defines authorised persons solely as a lawyer, bank, auditor, tax adviser or notary. The law explains this on the grounds that these persons are best placed to establish the ownership structure and are able to identify the beneficial owner.
Before registration in the RPVS, the beneficial owner must be verified and a verification document prepared. It is fair to say that the law places considerable pressure on these authorised persons, given the high degree of responsibility they bear – above all, not to misidentify the beneficial owner. This high level of responsibility also serves as a guarantee that the authorised person will do their utmost to identify the beneficial owner correctly, thereby contributing to transparency in the handling of public funds, which is a goal we all share.
Regular verification under the Anti-Letterbox Company Act?
One of the provisions of the Anti-Letterbox Company Act addresses “purposive changes of beneficial owner”. Imagine the law provided only for a one-off verification of the beneficial owner – for example, on a 6-year contract, with entity X verified as the beneficial owner. A year later, person Y might become the beneficial owner and go on to benefit for as many as 5 years without ever being publicly known or identified.
As such cases would very likely be exploited frequently in Slovakia, the law does not stop at a one-off identification of the beneficial owner. Instead, it requires a verification event whenever a contract is concluded, performed or amended by an addendum. Since the law covers such situations, we recommend that public sector partners be prepared for ongoing rather than one-off communication with their authorised person – and therefore advise against making hasty decisions when choosing one.