Due Diligence for Beneficial Ownership Determination

The duty of diligence corresponds to the performance of all necessary acts with a view to identifying the beneficial owners, the chain of ownership and control of the legal person or unincorporated or similar structure.

Additionally, those obliged to provide information to the RUB, that is, no later than July 31, 2023, must keep the supports of this and its due diligence for the term of 5 years counted from the first (1°) of January of the following year in which it is provided, maintain, update or delete information from the RUB.

It is for this reason that from Mazars we can accompany and advise you in the duty of diligence that the law imposes within the terms established for it. For this reason, we will provide you with a certification in order to have this support and thus, avoid the penalties that could result, such as, for example:

• Pursuant to article 631-6 of the ET, when the person obliged to provide information in the RUB does not provide it, provides it in an erroneous or incomplete manner, and/or does not update it, it will be sanctioned according to the provisions of article 658-3 of the ET.
• When the information is requested by the DIAN and the same is not provided, is provided outside the established term or its content presents errors or does not correspond to what was requested, there will be a fine not exceeding 7,500 UVT.

• In case the information is false, the person may be subject to civil and/or criminal penalties in accordance with national legislation.