New Tax Rules Require Banks to Report Beneficial Owners to Authorities

Article 214 of the General Tax Code on the right to information lists new penalties for violations of the provisions relating to this right, reports La Vie Eco. In this sense, banks and insurance companies have obligations to fulfill. This will involve communicating information on beneficial owners to the tax authorities.

Specifically, financial institutions have an obligation to keep records of the actions taken and all the evidence used for this purpose. This register can cover a period of ten years from the first declaration.

Similarly, banks and insurance companies will now have to have their clients sign papers to be filled out; which will satisfy the duty of communication assigned to them. Already, Bank Al-Maghrib (BAM) is working on the implementation, by credit institutions, of obligations in the fight against money laundering and the financing of terrorism.