Rules on disclosure of information on the beneficial owners in Russia will be stricter

The rule on the obligation of legal entities of all legal forms to disclosure on beneficial owners and to take measures to obtain this information was introduced by amendments to the Federal Law № 215-FZ "On combating Money laundering and the financing terrorism" of 23 June 2016. The information should be updated at least once a year. Company must keep information at least for five years. The information must be provided at the request of tax and other state authorities.

Request by a legal to the beneficiary entity for personal information (name, nationality, date of birth, place of residence or stay, TIN, passport data) must be submitted in writing. If the company has not received a reply, it is obliged to request information from other sources.

Term for providing the information has not deterrent yet, but it is recommended to collect and store information on the Beneficial owners.

non-compliance of these obligations (Art. 14.25.1 of the Russian Administrative Code) provides for a fine in the amount of 30-40 thousand rubles for officials and 100-500 thousand rubles for legal entities.

Amendments shall enter into force on 21 December 2016.

A source:

http://pravo.gov.ru/proxy/ips/?docbody=&firstDoc=1&lastDoc=1&nd=102401391