Beneficial owner - a ... Identification of the beneficial owner

click fraud protection

"beneficial owner" - a concept that is used for the collection and storage of certain information about the companies that interact with the organizations listed in Art.5 of the Law № 115-FZ.To this list of classified establishments carrying out various operations related to property and funds.Later in the article a closer look at the notion, explaining its meaning.Let's get acquainted with a number of provisions of the law, which it is governed.

Legal Framework In accordance with the established norms of innovation will touch virtually all organizations that carry out activities in the securities market, serviced by insurance companies and have a bank account.According to the federal law on the production of the action against legalization (laundering) of proceeds from crime way, and financing of terrorism, beneficial owner - is a subject that has no clear status.

All information collected will be used to create a counter to various financial transactions that are prohibited by law.However, officials have repeatedly voiced information that contradicts the law.An example of this is the Budget Message of the President of the Russian Federation "On the fiscal policy in 2010 -2012 m respectively" on 25.05.2009 to the Federal Assembly.The text placed some recommendations to consolidate the mechanism of action against the use of contracts to reduce taxes and avoidance of double taxation in operations with foreign enterprises in the case where a non-resident of the country with which the contract is the final beneficiary.

Tax policy in the future

government's plans for the coming years include certain changes.Some of them are listed in the Tax Code.The essence of these changes is to create a counter irregularities in the use of international tax treaties invalid by law purposes.On the basis of legislation must also be implemented to stimulate organizations to transition to the jurisdiction of the Russian Federation from offshore world.Tax privileges and preferences, which are specified in international agreements with the Russian Federation, will not apply in the event that the final beneficial owner - a resident of the country.

Identifying the beneficial owner

question of disclosure of the beneficial owner has been raised several times in the modern Russian business, but because of the lack of a clear definition has remained pending.An example of this is the order of the Chairman of the government.According to this document, many companies, mostly state-owned, sent out to the contractors the requirement to present information on all owners and ultimate beneficiaries.However, due to the lack of clear definition of this concept and regulatory disclosure procedures to provide the necessary information it was almost impossible.However, in July 2013 it became the beneficial owner of the client identified by banking organizations.

List of required personal data

in accordance with the law to disclose the beneficiary owner will have legal persons who have a bank account and the customers are companies engaged in transactions with cash.The total amount, the nature and the process of submission of information must comply with the order approved by the Government of the Russian Federation.However, due to the fact that today the main provisions have not yet been published, the information will be transmitted in accordance with the Law № 115-FZ and the Regulation approved in the year 2004, August 19, the Bank of Russia.It contains information on the identification of beneficiaries and credit companies customers for the production of the action against legalization (laundering) of proceeds from criminal way and financing of terrorism.Based on the law, to implement the process of identifying an individual must determine the following:

  • surname, name and patronymic;
  • date of birth;
  • actual address of the place of residence or temporary stay;
  • personal tax identification number (if any)
  • citizenship;
  • for foreigners - the details of the document, pointing to the right of residence on the territory of the Russian Federation (migration card);
  • details of the document confirming the identity.

interpretation of the concept of "beneficiary"

The Law № 115-FZ beneficial owner - is not the only new definition.However, it used the term "beneficiary".The Regulation contains the procedure of identification of the latter.He is the subject, for the benefit of certain actions which are carried out on financial operations.Why legislatively beneficial owner - is the founder?Find out.Identification shall be members who carry out their activities on the basis of a contract of agency, agency contract and fiduciary management.The beneficiary can be a legal or physical entity.It is written in the law.But the beneficial owner - only the individual.What does it mean?In other words, the beneficial owner of a legal entity - a founder of the company.

procedure to establish

guided by the law, banking institutions should require the disclosure of information to the beneficiary and benefitsarnogo owner.This, in turn, may cause certain difficulties.They are connected with the fact that the identification of beneficial owners more clearly described in the law.But the procedure for its installation more complicated, because for this it must recognize the person who is specified in the law as the beneficial owner.The legislation does not provide such requirements.In this regard, the bank is not entitled to request the client data that is not included in the list of identification of a beneficial owner.

Gathering information

collecting information about the beneficial owner, the banking institutions have the right to use any of the documents submitted by the client.What is included in a list of them?Usually this form of the beneficial owner, the different nature of the application and a letter to the bank.What this says about the law?Regulations states that if identification of the owners of the owner is not found, they recognized the executive body of the user.

This innovation is aimed at identifying the one-day firms.Most likely, it will be applied to the enterprises in which the beneficial owner is not.These organizations include the following:

1) non-profit companies that do not have an owner, but there are beneficiaries;

2) mutual funds;

3) joint-stock companies with multiple owners, each of which does not correspond to the beneficial features.

4) of the company, which is composed of participants who own assets using trust structures.

individual (special) category of companies

The categories of participants of relations, which disclose the beneficial owners are not required to include the following:

1) government agencies;

2) local authorities;

3) non-budgetary funds of state-owned;

4) organization or corporation, the capital of which more than 50% of shares is owned by the Russian Federation, its subjects and the various municipalities;

5) a foreign state, an international organization or a political subdivision of a foreign state, which owns their own legal capacity;

6) of the issuer of the securities.

Approved exceptions

As a rule, for the treatment of the personal information of every person, enterprise or business entity requires a written consent.However, Art.6 of the Law № 152-FZ on personal data provides for the circumstances in which consent to the processing of data is not necessary.These include:

1) the circumstances provided for in international treaties or laws that allow to reach the established goals;

2) certain powers or responsibilities that are provided by the legislation of the Russian Federation operators functions.