FTS clarified the rules for providing information about beneficiaries

Dec, 23 2020

With the appearance of the Law on Combating Money Laundering and the Financing of Terrorism, each legal entity is obliged to provide information about its beneficial owners * at the request of the authorized body (Financial Intelligence Unit) or tax authorities.

* Beneficial owner is an individual who directly or indirectly owns more than 25% of the share in the organization. There may be several beneficiaries and they are not always the first in the chain of ownership of a legal entity.

At the same time, at the request of government agencies, the company is obliged to provide documented information about its beneficiaries or about the measures taken to establish the information required by law within 5 business days.

However, as explained by the Federal Tax Service, neither the Law nor the Rules for the provision of information on beneficial owners establish the obligation to provide documents confirming such information along with information about the beneficiaries. But the legal entity has a right to attach copies of such documents.

Author of the article
FTS clarified the rules for providing information about beneficiaries
Valentina Khlavich
Managing Partner
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