The State Duma introduced a bill, providing for the imposition of new responsibilities for financial companies, written “Vedomosti”. In particular, they will have to forcibly transfer data about Russians from among their clients to the authorities – primarily the Federal Tax Service (FTS).
The main reason for the preparation of the draft law is the desire to bring national legislation in line with the norms of organizing economic cooperation and development (OECD), one of the most authoritative interstate entities, a member of which Russia is not.
The organization of the financial market will be responsible for the failure to provide financial information on the client, as well as the failure of the client of the data on themselves, or on providing them with false information, the document says.
For responsibility, penalties from 20 to 300 thousand rubles are provided. The minimum punishment will rely on the provision of inaccurate or incomplete information by the Client itself, the maximum – for violating the provision of data.
In addition, the draft law specifies the concept of “financial asset”, which also falls under the requirement to provide information. This category is invited to include money, securities, derivative financial instruments, shareholders in enterprises, the rights of claims under insurance contracts and the rest of the property that may be “customized or posted by the organization of the financial market for storage, management, investment and (or) The implementation of other transactions in the interests of the client either directly or indirectly at the expense of the client. “