Understanding Costa Rica’s Transparency and Last Beneficiaries Registry (RTBF) Laws – Cyber Information

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 Last Beneficiaries Registry, known as RTBF, in accordance with Legislation No. 9416, “Legislation to Enhance the Combat Towards Tax Fraud,” detailing the construction, expertise, and safety of the data system.

Article 2: Definitions. Supplies definitions for phrases corresponding to administrator, third-party useful resource supervisor, database, ultimate 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 individual, audit path, and software program program.

Chapter II: Obligated Topics, Data Provide, and Last Beneficiaries

Article 3: Topics Obligated to Present Data. Lists the entities required to submit info to the RTBF, together with authorized entities registered within the Nationwide Registry, non-public trusts, third-party useful resource directors, non-profit organizations, and sure entities inside the public sector with non-public individuals.

Article 4: Exclusions from Data Requirement. Specifies entities excluded from offering info, corresponding to publicly traded firms, public trusts, and monetary entities supervised by related authorities.

Article 5: Duties for Offering Data. Designates who’s accountable for offering info to the RTBF, usually the authorized consultant or equal of the obligated entity.

Chapter III: Data Necessities

Particulars the precise info that obligated entities should register within the RTBF, together with figuring out their ultimate 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 tasks 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 data.

Chapter V: Ensures for Last Beneficiaries

Supplies 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.

Leave a Comment

x