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A Bill obliging the RF companies to receive, store and update information on their beneficial owners has been introduced to the RF State Duma.
DATE: March 17, 2016 | AUTHOR: atlawyers
A Bill obliging the RF companies to receive, store and update information on their beneficial owners has been introduced to the RF State Duma. Companies shall request from their founders, participants and other controlling persons information required to establish their beneficial owners and transfer the relevant information to a specially authorized body at its request. A violation of this obligation entails a penalty, which shall constitute from 30 000 to 40 000 RUR (or from 381 to 508 EUR) for officials and from 100 000 to 500 000 RUR (or from 1 270 to 6 352 EUR) for legal entities.