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Russian banks will be obliged to identify trusts’ beneficiaries.
DATE: December 18, 2015 | AUTHOR: atlawyers
Russian banks will be obliged to identify trusts’ beneficiaries. The RF State Duma approved a bill obliging credit organizations to identify beneficiaries of ‘foreign structures’ (which include common law trusts) and to obtain from them other information including trust assets, identities of the founders and trustees. There are exemptions for structures which do not have a beneficiary or a sole executive body. In case information is not disclosed banks may refuse in opening and maintaining of accounts.