The obligation to have information concerning beneficial owners is imposed on legal persons

Starting from 21 December, 2016 the obligation of legal persons to have information concerning their beneficial owners in place, to update and keep it, and provide such information to the competent authorities upon their request, will be imposed.

Beneficial owner means a natural person who ultimately, directly or indirectly (through third parties) owns (has a dominant interest exceeding 25% in the capital) a legal entity or is controlling actions of such entity.

Also, from the same date, administrative liability of legal entities for failure to fulfill the legal requirements with regard to establishing, updating, keeping and provision of information on the beneficial owners upon request of the competent authorities, will be established. The sanction will involve fines: for officials - from 30 thousand rubles up to 40 thousand rubles, for legal entities - from 100 thousand rubles up to 500 thousand rubles.