The Central Bank of the Republic of San Marino announces that, pursuant to Article 23-quinquies, paragraph 3, of Law No. 92 of June 17, 2008, as amended, introduced by Article 37 of Delegated Decree No. 154 of October 31, 2023 - concerning the alignment of national legislation with international conventions and standards on anti-money laundering and counter-terrorism financing - the Register of Beneficial Owners of Fiduciary Arrangements has been established, effective August 23, 2024.
Article 23-quinquies, paragraph 3, stipulates that “In the case of a fiduciary arrangement, resident fiduciaries must report information on the individuals who are the beneficial owners of the fiduciary arrangement to the Trust Register Office, for the purpose of maintaining a dedicated register. In the case of a non-resident fiduciary, the communication must be made if the assets under the fiduciary arrangement generate income in the Republic of San Marino.”
The procedures for reporting beneficial owners, as well as the methods for consulting the information contained in the Register of Beneficial Owners by entities identified by law, are regulated by the Operational Instructions available on the Central Bank’s website in the section dedicated to the Register of Beneficial Owners of Trust Entrustments.
On this occasion, it is also important to clarify that, pursuant to Article 115, paragraph 1, of the aforementioned Delegated Decree No. 154 of October 31, 2023, for fiduciary arrangements already in place at the time of the establishment of the Register, the required data must be reported within 30 days from the Register’s establishment date, and therefore by September 22, 2024.
Furthermore, the Central Bank announces that, as a result of the same Article 23-quinquies, which has modified the previous regulations regarding the communication and access to information on the beneficial ownership of trusts, the Operational Instructions related to the Register of Trust Beneficial Owners have been updated. These instructions are available on the Central Bank’s website in the section dedicated to trusts.