San Marino (SM)

Jurisdiction Overview

IDQuestionAnswer
473 *BO Update: Is the update of information on the identity of beneficial owners mandatory? Yes
 Data Date: 2018

Notes

 
According to the Global Forum: "The amendments (Article 23(5)(b)) [amendments to AML Law (92/2008) with effect from 11 December 2017] 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). The Global Forum further adds: "The report [regarding data and information on beneficial ownership] must be made within six months of the establishment of the registers by the authorities or of the establishment of the company, association, foundation, similar entity with legal personality, or of the establishment of a trust. Further, the report also has to be made in any case within six months of the change of the beneficial owner or whenever the change in the shareholder structure or in another situation relevant for the purposes affects the identification of the beneficial owner" (GF 2018: 38-39).

Sources

GF 2018: 37-39