Regulatory Alerts2008-03-26
Circular No. 2008-01 — Obligations of Trust Companies
The Central Bank of the Republic of San Marino issued Circular No. 2008-01 to regulate the obligations of trust companies following legislative amendments to the Companies Law. The circular mandates that trust companies verify the suitability of both legal entity clients and their managing individuals, and requires specific declarations regarding the fiduciary nature of shareholdings and the identity of the beneficial owners. It further establishes detailed procedures for handling single-shareholder structures and transitional compliance deadlines for existing client relationships.
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