San Marino joined the Global Forum in 2009. San Marino underwent its Second Round of EOIR Peer Review in 2018 (San Marino’s 2018 Report),1 which assessed its legal and regulatory framework in force as at 27 April 2018 and its practical implementation, including in respect of EOI requests received and sent during the review period from 1 January 2014 to 31 December 2016. San Marino received an overall rating of Compliant and the individual Elements were rated as follows:
Enhanced Monitoring Report on the Implementation of the Standard on Transparency and Exchange of Information on Request 2025
Report
Table of contents
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San Marino
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A.1 |
A.2 |
A.3 |
B.1 |
B.2 |
C.1 |
C.2 |
C.3 |
C.4 |
C.5 |
Overall |
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Determinations |
i.p. |
i.p. |
i.p. |
i.p. |
i.p. |
i.p. |
i.p. |
i.p. |
i.p. |
n.a. |
C |
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Ratings |
LC |
C |
C |
C |
C |
C |
C |
C |
C |
C |
Status of implementation of recommendations issued in the peer review report
San Marino received one in-box recommendation in relation to Element A.1.
This monitoring report assesses the actions taken by San Marino to address the recommendation issued in its EOIR Peer Review Report and the peer input received for the monitoring period 2023-2024.
The report concludes that the in-box recommendation is “in the process of being addressed” and it advises on actions required.
Element A.1: Availability of ownership and identity information
1. Implementation of the amended AML Law in respect to beneficial ownership definition and beneficial ownership registers
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Recommendation (A.1, practice) |
San Marino is recommended to monitor the implementation of the new legal provisions and to ensure that accurate legal and beneficial ownership information is available in all cases as per international standards. |
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Underlying factor |
San Marino has recently introduced amendments to AML Law which came into effect on 11 December 2017, aligning the definition of Beneficial Owner with the ToR [Terms of Reference] and requiring all legal entities [legal persons] and legal arrangements [trusts] to keep a register/record of their beneficial owners. (see paragraphs 29 et seq. and 81 of San Marino’s 2018 Report for more information) |
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Summary of actions reported |
The 2017 amendment to the AML Law introduced the obligations for legal persons (including foreign companies operating in San Marino) and legal arrangements (trusts with resident trustees or having tax consequences in San Marino) to maintain beneficial ownership information and to report this information to the authorities. Since then, San Marino has established and operationalised the Beneficial Ownership Register of Legal Persons and the Beneficial Ownership Register of Trusts. Deadlines for the first time reporting were set for after the peer review period, notably by 19 August 2018 for legal entities and 31 December 2018 for trusts. The beneficial ownership information must be (i) submitted within 30 days from registration of the legal person or trust or change of beneficial ownership and (ii) confirmed annually since June 2024. In April 2025, around 87% of legal persons registered in San Marino had reported their beneficial owners to the register and the remaining 13% were mainly companies subject to liquidation or other types of legal proceedings. The Beneficial Ownership Register of Legal Persons has been interconnected with other registers. This enables automated matching of submitted information and helps to ensure accuracy of the beneficial ownership information. Furthermore, public authorities having access to the Register, as well as AML-obliged persons, are required to report any inconsistencies between their files and information available in the register. Since 2019, the Financial Intelligence Agency (authority responsible for AML supervision of all AML-obliged persons) was routinely accessing the Register to verify whether information therein matches information on beneficial ownership from other sources (e.g. suspicious transaction reports, inspected customer due diligence files). In June 2024, the management and supervision of the Beneficial Ownership Register of Legal Persons has been transferred from the Economic Activities Office to the Financial Intelligence Agency. To facilitate compliance with the reporting obligations, the Financial Intelligence Agency has issued the Beneficial Ownership Register’s Circular on 29 July 2024 and the Beneficial Ownership Register’s Technical Operational Manual (last updated on 28 November 2024). These guidelines explain how to identify beneficial owners for different types of legal persons and correctly submit the beneficial ownership information to the register. The Beneficial Ownership Register of Trusts is managed and supervised by the Office of the Trust Register at the Central Bank of San Marino. Beneficial ownership reporting obligations have been complied with by all relevant trusts. The register keeps information on beneficial owners of (i) trusts administered by resident trustees and (ii) trusts administered by non-resident trustees if such trusts have tax consequences in San Marino. The Office of the Trust Register checks completeness of the submitted beneficial ownership information. Automated reminders are generated by the system in respect to annual information confirmation. The Beneficial Ownership Register of Trusts is interconnected with the Register of Trusts, which facilitates timely identification of trusts required to submit beneficial ownership information. The Office of the Trust Register has issued operational instructions on how to submit beneficial ownership information. Depending on the severity of violations in respect of reporting of beneficial ownership information, sanctions from EUR 500 to EUR 20 000 apply. The AML Law envisages also criminal sanctions for the most serious violations, such as falsely declaring oneself as a beneficial owner. Instances of non-compliance for both registers are few and have been promptly followed up. |
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Conclusion |
San Marino has made progress to address the recommendation. San Marino has taken important actions to operationalise the Beneficial Ownership Registers of Legal Persons and of Trusts. Actions were taken to ensure substantial reporting rates to the registers and a monitoring framework was implemented. While reliance on built-in automated checks, discrepancy reports and comparison of information in the Beneficial Ownership Registers with information collected from other sources is noted, specific monitoring actions to verify the quality of information is yet to be sufficiently reported, especially as the Financial Intelligence Agency has recently taken over supervision of the Beneficial Ownership Register of Legal Persons and is in the process of implementing its supervisory strategy. San Marino should report further progress in its next self-assessment. |
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Status determined |
In the process of being addressed |
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Actions required |
In its next self-assessment, San Marino should –
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EOIR experience
Over the monitoring period 2023-2024, San Marino received 89 requests and sent 92 requests. Italy, France and Croatia were the top three partners in respect of incoming requests. Italy, Panama and Belgium, were the key partners in respect of outgoing requests. San Marino reported providing full and final responses in 100% of all the received requests and indicated there were no pending requests.
Four members provided peer input on San Marino. Three peers did not have EOI experience with San Marino during the monitoring period. The fourth commenting peer is one of the key partners and was satisfied with its EOIR experience with San Marino.
New developments having a bearing on the EOIR standard
San Marino is in the process of operationalising the Beneficial Ownership Register of Fiduciary Relationships (established in August 2024). Domestic fiduciaries (“affidatari”) must report beneficial ownership information to this register on all their fiduciary relationships (“affidamento fiduciario”). Non-resident fiduciaries have reporting obligations where assets held in a fiduciary capacity give rise to income in San Marino. Oversight of this register is under the responsibility of the Office of the Trust Register at the Central Bank of San Marino.
In 2025, the Financial Intelligence Agency plans to establish a Register of Accounts and Safe Deposit Boxes (“Archivio dei conti e delle cassette di sicurezza”). AML-obliged persons providing their customers with payment accounts, securities, safe deposit boxes and virtual assets portfolios will be required to report information, including beneficial ownership information, to this register.
San Marino considers that these additional steps will further enhance the availability of beneficial ownership information in the jurisdiction.
Next steps
San Marino should continue taking actions towards implementing the standards effectively.
The following next steps are expected from San Marino:
Submit its next self-assessment in 2028 under the second round of enhanced monitoring.
Views/response of the monitored jurisdiction
San Marino would like to express its gratitude to the Assessment Team for its excellent work, friendly atmosphere and spirit of mutual understanding during the enhanced monitoring process.
San Marino has made tremendous progress, since October 2010 and Phase 1, in implementing the international standard under a substantial supervision and monitoring framework and has not received any negative peer input.
San Marino is also involved in other transparency processes that confirm our willingness to cooperate. San Marino is an Early Adopter since 2017 in the automatic exchange of information based on the Common Reporting Standard and our jurisdiction has committed to exchange information on the CARF MCAA since 2027.
San Marino is an active member of the MONEYVAL Committee of the Council of Europe. San Marino has successfully undertaken the fourth round of assessment based on these standards and is committed to adopting and implementing the FATF Recommendations.
San Marino is determined to continue working to address the recommendations received.
Note
Copy link to Note← 1. OECD (2018), Global Forum on Transparency and Exchange of Information for Tax Purposes: San Marino 2018 (Second Round): Peer Review Report on the Exchange of Information on Request, Global Forum on Transparency and Exchange of Information for Tax Purposes, OECD Publishing, Paris, https://doi.org/10.1787/9789264302839-en.