Register of trust beneficial owners- BCSM

In accordance with Article 23-quater of Law No. 92 of June 17, 2008, as amended, the Register of Trust Beneficial Owners was established at the Central Bank of the Republic of San Marino on June 1, 2019, for the purpose of recording and managing communications related to the beneficial owners of trusts over time.

Following Delegated Decree No. 154 of October 31, 2023, which aligns national legislation with international conventions and standards on preventing and combating money laundering and the financing of terrorism, the regulations outlined in Law No. 92/2008, as amended, regarding the communication and access to information on the beneficial ownership of trusts were revised.

Specifically, Article 37 of the aforementioned Delegated Decree introduced Article 23d of Law No. 92/2008, as amended, which on the subject of trusts now provides:

"1. Resident trustees shall report information regarding natural persons who are beneficial owners of the trust to the Office of the Register of Trusts for the purpose of storage in the appropriate register.

2. Resident agents in the case of nonresident trustees, shall communicate information regarding the natural persons who are beneficial owners of the trust to the Office of the Register of Trusts for the purpose of preservation in a special register, if the trust generates income in the Republic of San Marino."

The data and information on beneficial ownership shall be disclosed, in hard copy, including through the technical assistance, if any, of the professionals referred to in Article 20, Paragraph 1 (a) and (c), by the legal representative of the resident trustee or resident agent if legal persons or by the trustee or resident agent natural person.

Pursuant to Article 23d (8) (a), (c) and (d), beneficial owner notices are due:

within 30 days of the registration of the trust in the Register of Trusts or the occurrence of the prerequisites for disclosure under paragraphs 1 and 2 of Article 23d of Law No. 92/2008, as amended;
within 30 days of the change in the beneficial owner declared pursuant to the preceding paragraph;
in any case in the month of April of each year, regardless of changes that have occurred, for the purpose of verifying the data contained in the registry; this communication may also be fulfilled by a declaration of no changes that have occurred.

Access to the contents of the REGTET, pursuant to paragraphs 9 and 10 of Article 23d of Law No. 92/2008, as amended, is allowed:

(a) to the Judicial Authority, the Court for Trust and Fiduciary Relations, the FIA, the Central Bank, the Police Forces, the Interpol National Central Office also in the capacity of ARO, the Tax Office, the Central Liaison Office, the Control Activities Office and the Economic Activities Office, in the exercise of their institutional functions, free of charge, in a timely and unlimited manner through direct telematic access;

b) to the designated persons, in order to support the execution of the customer due diligence obligations of the persons referred to in paragraphs 1, 2 and 3 of Article 23 of Law No. 92/2008 who are their customers, in a timely manner, including by direct telematic access;

(c) to subjects who can prove that they have a legitimate interest in accessing the contents of the registry upon authorization, in the manner specified by the Regulations of the President of the Court for Trust and Fiduciary Relations.

The subjects referred to in (c) shall be authorized by order of the President of the Court for Trust and Fiduciary Relations, who may determine, on a case-by-case basis, specific provisions for the processing of information. By regulation of the President of the Court for Trusts and Fiduciary Relations, the conditions for authorization, as well as the procedure aimed at granting such authorization, shall be regulated.

Pursuant to Article 113, Paragraph 1 of Delegated Decree No. 154 of October 31, 2023 No. 154, "subjects who can demonstrate a legitimate interest" means:

(a) those persons who, as a result of the provisions of Article 14 of Law No. 183 of October 29, 2021, were holders of rights of access to the trust holdings archive under Law No. 98 of June 7, 2010, and the relevant Enlarged Public Sector Office or Entity as well as the Agency for Economic Development - Chamber of Commerce S.p.a, within the limits of the provisions of the Sole Article, paragraphs 1 and 1 bis of the Decree - Law No. 125 of July 30, 2015, as amended, including for the completion of the procedures set forth in Delegated Decree No. 87 of May 26, 2023;

b) companies that carry out transactions with legal persons required to report to the register referred to in Article 23-quater of Law No.92/2008, as amended, or with trusts and trusteeships required to report to the register referred to in Article 23-quinquies of the same law;

(c) members of the Great and General Council.

The procedures for the disclosure of beneficial owners, the criteria for their registration in the REGTET as well as the procedures for consulting the information contained in the Register of Beneficial Owners by the persons identified by the Law are governed by the Operating Instructions available at the link below.

Following the introduction of the new regulations, which became effective on June 29, 2024, the methods of direct telematic access to REGTET will be modified.

In this regard, all entities for which direct telematic access is envisaged, including Authorities that were already accessing in telematic mode, will have to submit a request for accreditation to the Office of the Registry of Trusts to be sent via tNotice to the CBSM address.

Further guidance regarding the content of this request as well as instructions for making the access will be provided by the CBSM at the time of the activation of the new modes of direct telematic access, of which appropriate notice will be given.

Pending the activation of the new modalities of direct telematic access, which will take place through the PA portal, designated entities will be able to access upon request in the manner indicated in the Operating Instructions while the Authorities will be able to continue to access telematically in the manner currently used with the same access credentials. Authorities that do not have credentials are invited to contact the Trust Registry Office for appropriate instructions.

Operating Instructions
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Direct Telematic Access Operational Manual
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Forms to be used
Below are the forms to be used for reporting beneficial owners and subsequent changes, annual reporting, and requesting access to information contained in the Trust's Register of Beneficial Owners.

Model letter accompanying the beneficial owner disclosure
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Model beneficial owner communication
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Model beneficial owner communication in case of undetermined beneficiary
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Model accompanying letter notice of changes
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Model annual communication
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Model of request for access to information
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Requests for clarification
Any requests for clarification can be sent to registro.trust@bcsm.sm.