CBSM: Register of Trusts and Beneficial Owners of Trusts

The Central Bank of the Republic of San Marino indicated that, pursuant to art. 23 quinquies, paragraph 3 of Legislative Decree No. 92 of June 17, 2008 and subsequent amendments, introduced by article 37 of Delegated Decree No. 37. By Legislative Decree No. 154 of October 31, 2023, on the adaptation of national legislation to international conventions and standards related to the prevention and fight against money laundering and the financing of terrorism, the Register of Beneficial Owners of Trust Transfers (REGTEA) was established, which entered into force on August 23, 2024.

The aforementioned Art. 23 quinquies, paragraph 3, provides that “in the case of a trust transfer, the resident trustee communicates to the Trust Registry the relevant information on the natural persons who are the beneficial owners of the trust transfer, for preservation in a specific register. In the case of a non-resident trustee, this communication is mandatory if the trust assets generate income in the Republic of San Marino”.

The method of communication of beneficial owners and the method of access by legally determined entities to the information contained in the beneficial owners register are governed by a dedicated section of the operating instructions on the Central Bank’s website. Register of Beneficial Owners of Trust Transfers.

In this context, it is considered necessary to clarify that from now on – pursuant to art. 115, paragraph 1 of the aforementioned Mandate No. 154 of October 31, 2023 – for a trust transfer already in place on the date of creation of the REGTEA, the communication of the data that must be registered therein must be completed within 30 days from the date of creation of the Register, and therefore by 22 September 2024.

The Central Bank also stated that since Article 23quinquies of the same article amends the previous existing regulations on the communication and acquisition of beneficial ownership information of trusts, Trust Beneficial Owners Registerwhich can be found in the Trusts section of the Central Bank’s website.