Beneficial owners are direct or implied owners (over 25% capital invested) of a company or those who control legal entity’s activities голица. Common practice is to conceal information about the ultimate beneficiary; it is considered confidential and is not revealed. Nevertheless, the regulatory authorities (the RF Federal Tax Service and the Federal Financial Monitoring Service (Rosfinmonitoring) have the right to claim the information about the company’s ultimate owner. Presently, the draft is being discussed regarding the submission of these confidential data by legal entities.
The draft regulation envisages that electronic responses can be submitted:
- via the Federal Tax Service within 5 working days after the date when the receipt of the request. The electronic response should be verified by the electronic signature of the head of the company or the acting head of the company;
- on a digital medium sent to the authorized body as a registered letter with a cover note signed by the head of the company or the acting head of the company.
A fine from RUB 100 000 to RUB 500 000 is envisaged for concealing information about beneficiaries.