Article 12-3. Identification of the beneficial owner of a legal entity and a foreign entity without forming a legal entity The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

Home / RLA / Article 12-3. Identification of the beneficial owner of a legal entity and a foreign entity without forming a legal entity The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

Article 12-3. Identification of the beneficial owner of a legal entity and a foreign entity without forming a legal entity The Law on Countering the Legalization (Laundering) of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction

1. A legal entity and a foreign entity without forming a legal entity are required to take all available measures to identify their beneficial owners and record the information necessary for their identification in accordance with subparagraph 2-2) of paragraph 3 of Article 5 of this Law, in a form approved by the authorized body in coordination with the Ministry of Justice of the Republic of Kazakhstan.

2. A legal entity and a foreign entity without forming a legal entity must:

1) verify the accuracy of the information necessary to identify its beneficial owners;

2) update information about their beneficial owners at least once a year or in case of changes, as well as document such information.;

3) keep for at least five years from the moment of receiving information about their beneficial owners, as well as about the measures taken to identify their beneficial owners.

3. A legal entity and a foreign entity without forming a legal entity have the right to request from their founders (participants), as well as persons who otherwise control a legal entity or a foreign entity without forming a legal entity, the information necessary to identify their beneficial owners and update information about them.

4. An individual, a legal entity, or a foreign entity without the formation of a legal entity that is a founder (participant), as well as otherwise controlling a legal entity or a foreign entity without the formation of a legal entity, are required to provide such a legal entity or a foreign entity without the formation of a legal entity with the information and documents necessary to identify their beneficial owners and update information about them.

5. Information and documents on beneficial owners are provided by a legal entity and a foreign entity without forming a legal entity at the request of the authorized body in accordance with the procedure and terms established by the authorized body.

Failure to submit, late submission, as well as the submission of false information and documents about the beneficial owners of legal entities entail liability established by the laws of the Republic of Kazakhstan.

6. The provision of information, information and documents to the authorized body by a legal entity or a foreign entity without forming a legal entity for the purposes and in accordance with the procedure provided for by this Law does not constitute disclosure of official, commercial or other legally protected secrets, with the exception of banking secrecy, violation of the conditions for the collection and processing of personal data, as well as other legally protected information.

Note.

For the purposes of this article, a legal entity is an organization, with the exception of a government agency and a quasi-public sector entity.

The Law of the Republic of Kazakhstan dated August 28, 2009 No. 191-IV.

This Law defines the legal basis for countering the legalization (laundering) of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction, the legal relations of financial monitoring entities, the authorized body and other state bodies of the Republic of Kazakhstan in the field of countering the legalization (laundering) of proceeds from crime and the financing of terrorism, as well as the mechanisms for implementing targeted financial sanctions, related to the prevention and prevention of terrorism and the financing of terrorism, and the prevention, prevention and cessation of the proliferation of weapons of mass destruction and their financing.

President

Republic of Kazakhstan

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