On August 29, 2024, the Corporate Oversight Authority (AEMP) approved Regulations on Sanctions and Infractions for Ultimate Beneficiary Information, establishing the conditions for the application of administrative sanctions for noncompliance with obligations regarding ultimate beneficiary information.
These regulations have been implemented in accordance with GAFILAT recommendation No. 24, addressing the transparency of the ultimate beneficiary of legal entities, and in the framework of the provisions of article 4 of Supreme Decree No. 5200 on commercial companies filed with the Registry of Commerce.
The infractions covered by the Regulations are:
- Failure to File: When a commercial company does not report its ultimate beneficiary within the established term.
- Late Filing: When the ultimate beneficiary information is filed after the deadline.
Penalties are based on the type of company and the seriousness of the infraction, with fines ranging from 2,400 to 16,000 bolivianos. Recidivism entails an increase of 20% in the pertinent fine, when an administrative sanction resolution has already been executed against the company. The sanctions imposed are intended to be effective and dissuasive, ensuring correct updating of ultimate beneficiary information.