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The RF State Duma adopted a bill bounding companies to keep information on their beneficiaries and submit it to federal executive authorities.
DATE: June 9, 2016 | AUTHOR: atlawyers
On June 7, 2016 the RF State Duma in the final reading adopted a bill bounding companies to keep information on their beneficiaries and, if required, submit it to federal executive authorities. In case of this requirement violation legal entities will face administrative fines in the amount up to 500 000 rubles or 6 895 Euro. In addition, legal entities will be obliged to update the information on their beneficiaries annually and keep records related to the same.