The law, in particular, defines the list of information disclosed about the customer is a foreign structure without the formation of legal entities and stipulates the prohibition of credit institutions to open and maintain accounts for anonymous owners of foreign structures.
MOSCOW, 25 Dec. Senators on Friday approved a law on the identification of the beneficiaries (the beneficial owners) of foreign structures without forming a legal entity, including trusts.
Under a foreign structure without forming a legal entity is understood as a form of collective investment and (or) trust management of property, a trust or other similar entity that is organized in accordance with the legislation of foreign States (territories) and is not a legal person under foreign law.
The law defines the list of information disclosed about the customer is a foreign structure without forming a legal entity. These include: name, registration number assigned during registration (incorporation) and codes as a taxpayer (when available) or their analogues, the location of primary operations.
For trusts and other similar foreign structures in addition to this information, set the property owned (the control), name, name, address of residence or location of the founders and a Trustee (Manager).
The law provides the prohibition of credit institutions to open and maintain accounts (deposits) for anonymous owners of foreign structures without forming a legal entity. Banks and other organizations conducting transactions with cash or other assets will have the right to refuse service of foreign structures without forming a legal entity in the presence of the suspected transactions for money laundering or terrorist financing.
Credit institutions will be required to document and submit to Rosfinmonitoring information on all cases of refusal from signing of contracts or termination of contracts with high risk customers.
The Rosfinmonitoring will forward this information to the Bank of Russia, which, in turn, will bring it to the attention of other banks and financial market participants.