Understanding Costa Rica’s Transparency and Final Beneficiaries Registry (RTBF) Regulations – Technologist

In the section below we are setting forth some of the main points of the regulations

Chapter I: General Provisions

Article 1: Scope. This regulation establishes the operational mechanisms, access, and control of the Transparency and Final Beneficiaries Registry, referred to as RTBF, in accordance with Law No. 9416, “Law to Improve the Fight Against Tax Fraud,” detailing the structure, technology, and security of the information system.

Article 2: Definitions. Provides definitions for terms such as administrator, third-party resource manager, database, final beneficiary or effective beneficiary, direct control, indirect control, due diligence, legal structure, digital signature, substantial influence, non-compliance list, non-profit organization, substantive participation, legal person, audit trail, and software program.

Chapter II: Obligated Subjects, Information Supply, and Final Beneficiaries

Article 3: Subjects Obligated to Provide Information. Lists the entities required to submit information to the RTBF, including legal entities registered in the National Registry, private trusts, third-party resource administrators, non-profit organizations, and certain entities within the public sector with private participants.

Article 4: Exclusions from Information Requirement. Specifies entities excluded from providing information, such as publicly traded companies, public trusts, and financial entities supervised by relevant authorities.

Article 5: Responsibilities for Providing Information. Designates who is responsible for providing information to the RTBF, typically the legal representative or equivalent of the obligated entity.

Chapter III: Information Requirements

Details the specific information that obligated entities must register in the RTBF, including identifying their final beneficiaries and the due diligence process for verifying this information.

Chapter IV: Obligations and Powers of the Central Bank of Costa Rica

Outlines the responsibilities of the Central Bank of Costa Rica as the administrator of the RTBF, including ensuring the security, integrity, and confidentiality of the information.

Chapter V: Guarantees for Final Beneficiaries

Provides mechanisms for individuals to inquire whether they are included in the RTBF and to request corrections if necessary.

Chapter VI: Notifications, Communications, Sanctions, and Verification Duties

Establishes the procedures for notifications and communications regarding RTBF compliance, the sanctioning regime for non-compliance, and verification duties of the National Registry and notaries.