San Marino (SM)

Jurisdiction Overview

IDQuestionAnswer
471 *BO Record: Does the registration of domestic companies comprise beneficial owner's identity information? Yes, more than 25%. All companies require recording of all beneficial owners at threshold of more than 25% (FATF).
 Data Date: 2018

Notes

 
According to the Global Forum: "The Parliament of San Marino (the Great and General Council), in accordance with the obligations established by the current Monetary Agreement signed by San Marino and the European Union, has introduced amendments to its AML Law (92/2008) with effect from 11 December 2017 to transpose the requirements of EU’s 4th AML Directive." (GF 2018: 36). The Global Forum further adds: "These amendments to the AML Law mandate all legal entities and legal arrangements to maintain their own beneficial ownership information as well as to report to the register maintained by the Office of Industry and to the Trust Register by 19 August 2018 and by 31 December 2018, respectively. The amendments (Article 23(5)(b)) also mandate that whenever there is a change in the shareholder structure or in another situation relevant for the purposes of this Law that affects the identification of the beneficial owner, it has to be reported to the Office of Industry and Trust Register" (GF 2018: 37).
 
Regarding the definition of beneficial owner, the Global Forum mentions: "i. [...] the following shall be considered as beneficial owner: a) the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the shares, units or instruments granting voting rights or through control via other means, b) if, after having exhausted all possible means no person under letter (a) is identified as beneficial owner, or if there is any doubt that the person identified is the beneficial owner, the natural person(s) who hold the position of administrative or managing official(s) of the legal entity. ii. The shareholding referred to in paragraph 1, letter a), shall be considered significant when its percentage is higher than 25%" (GF 2018: 37).

Sources

GF 2018: 36-38