2016-10-13

Companies are to disclose data concerning their beneficiaries

 

According to the article 6.1 of the Revised Federal Act "On Counteraction of Legitimization (Laundering) Proceeds of Crime and Financing of Terrorism", companies are to disclose data concerning their beneficiaries.

Aforesaid Act has already transcended the initial scope of its regulation with a vast array of obligations and restrictions being incorporated into its body.

Starting from the 21th of December 2016 and henceforth, companies are to obtain all the information required concerning their beneficial owners.

Legal term «beneficial owner» refers to a natural person who expressly or implicitly (via third parties) disposes (has a prevailing participation of more than 25% in the authorized capital) of a legal entity or can feasibly exercise control over the actions of the latter.

Legal entities are to update data concerning their beneficial owners at least once a year and to store this information for at least five years from the moment of the receipt.

Companies are to disclosure data at the request of state bodies, including the Tax Office. It is also required that company`s accounts contain such information.

The detailed procedure and terms as to when this information should be presented will be specified by the Government in the sequel.

According to the article 14.25.1 of the Code of the Russian Federation on Administrative Offenses, administrative fines are imposed on the officials (30 000 - 40 000 rubles) and on the legal entities (100 000 - 500 000 rubles), in case such information is not submitted at the request of an authorized body or any other federal executive authority.