Within the part under we’re setting forth a few of the details of the laws
Chapter I: Basic Provisions
Article 1: Scope. This regulation establishes the operational mechanisms, entry, and management of the Transparency and Ultimate Beneficiaries Registry, known as RTBF, in accordance with Legislation No. 9416, “Legislation to Enhance the Struggle In opposition to Tax Fraud,” detailing the construction, know-how, and safety of the knowledge system.
Article 2: Definitions. Offers definitions for phrases akin to administrator, third-party useful resource supervisor, database, last beneficiary or efficient beneficiary, direct management, oblique management, due diligence, authorized construction, digital signature, substantial affect, non-compliance listing, non-profit group, substantive participation, authorized particular person, audit path, and software program program.
Chapter II: Obligated Topics, Info Provide, and Ultimate Beneficiaries
Article 3: Topics Obligated to Present Info. Lists the entities required to submit info to the RTBF, together with authorized entities registered within the Nationwide Registry, personal trusts, third-party useful resource directors, non-profit organizations, and sure entities throughout the public sector with personal members.
Article 4: Exclusions from Info Requirement. Specifies entities excluded from offering info, akin to publicly traded corporations, public trusts, and monetary entities supervised by related authorities.
Article 5: Obligations for Offering Info. Designates who’s answerable for offering info to the RTBF, usually the authorized consultant or equal of the obligated entity.
Chapter III: Info Necessities
Particulars the precise info that obligated entities should register within the RTBF, together with figuring out their last beneficiaries and the due diligence course of for verifying this info.
Chapter IV: Obligations and Powers of the Central Financial institution of Costa Rica
Outlines the obligations of the Central Financial institution of Costa Rica because the administrator of the RTBF, together with making certain the safety, integrity, and confidentiality of the knowledge.
Chapter V: Ensures for Ultimate Beneficiaries
Offers mechanisms for people to inquire whether or not they’re included within the RTBF and to request corrections if mandatory.
Chapter VI: Notifications, Communications, Sanctions, and Verification Duties
Establishes the procedures for notifications and communications concerning RTBF compliance, the sanctioning regime for non-compliance, and verification duties of the Nationwide Registry and notaries.
