Russia amended its Anti-Money Laundering law to require the
disclosure of beneficial owners of legal entities. The law came
into effect in December 2016 and requires legal entities to
identify their beneficial owners (UBO), hold information on them
and to renew the records at least on an annual basis. Our local
Russian Federal law N215 states that companies must keep
information on their Beneficial Owners (UBOs) for at least five
years from the day of receipt of the information, and sets the
measures to take to identify them. They must provide this
information to the tax service and other authorised bodies upon
Companies have the right to request information necessary to
identify its UBOs, from its founders / shareholders or parties
controlling the organisation in any way; these parties are obliged
to provide the available information. Transfer of such information
does not violate Russian Federation Law on Personal Data
Protection. The law stipulates the list of companies who do not
fall within the requirements of the new requirements.
Legal entities penalty for violation of the listed obligations
of identifying, renewing, storing and providing information of UBOs
can be of 100,000 to 500,000 USSR.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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