1. Legal persons, entities and bodies established in the Union whose proprietary rights are directly or indirectly owned for more than 40 % by:
(a) a legal person, entity or body established in Russia;
(b) a Russian national; or
(c) a natural person residing in Russia,
shall, as of 1 May 2024, report to the competent authority of the Member State where they are established, within two weeks of the end of each quarter, any transfer of funds exceeding 100 000 EUR out of the Union that they made during that quarter, directly or indirectly, in one or several operations.
2. Notwithstanding the applicable rules concerning reporting, confidentiality and professional secrecy, credit and financial institutions shall, as of 1 July 2024, report to the competent authority of the Member State where they are located, within two weeks of the end of each semester, information on all transfers of funds out of the Union of a cumulative amount, over that semester, exceeding 100 000 EUR that they initiate
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