The new Financial Adjustment Act (EU-Finanzanpassungsgesetz) eases the identification and verification of ultimate beneficial owners for banks. This is to be achieved by increasing the data quality in the register of ultimate beneficial owners (Register der wirtschaftlichen Eigentümer). Professional party representatives like attorneys-at-law may in the future voluntarily upload data to the register of the ultimate beneficial owners. In case of discrepancies between a customer’s information and the register of the ultimate beneficial owners, banks can set a grace period for their customers to clarify the discrepancies. After expiry of the grace period, a note about the discrepancies must be put in the register of the ultimate beneficial owners.