New Regulatory Requirement for Your Civil Company SCP/SCI
Designate an RIE (Responsible for Basic Information and Information)
New Regulatory Requirement for Your Civil Company :designate an RIE (Responsible for Basic Information and Information on Ultimate Beneficial Owners)
Your Civil Company is subject to the new obligation in the Principality of Monaco to appoint a RIE ? The administration set a deadline of December 15, 2023, for compliance with this requirement.
Who can be appointed?
For civil companies holding a bank account domiciled in the Principality: a private individual residing in the Principality among the partners, shareholders, board of directors, or staff;
Alternatively: An authorized Monegasque professional. MUA, as a Multi-Family Office, is authorized by the government to be appointed as a RIE (Responsible for Basic Information and Information).
What does it involve?
The obligation to designate an RIE (Responsible for Basic Information and Information on Ultimate Beneficial Owners) is part of the new measures taken by the Principality of Monaco in to prevent money laundering, terrorism financing, proliferation of weapons of mass destruction, and corruption; as per Article 22-1 of Law No. 1.362 of August 3, 2009.
The RIE will be responsible for:
• Maintening basic, accurate, and up-to-date information on legal entities and their ultimate beneficiaries ;
• Communicating information and updates to the DDE ;
• Retaining information and documents related to ultimate beneficiaries ;
• Responding to information requests from authorities and providing any other form of assistance.