A second nationality surfaces at review

Adriatic Components Ltd has been a client for four years. At this year's review its beneficial owner, Nikolai S., provides a renewed passport and mentions in passing that he also holds Russian citizenship. Only a Cypriot passport was ever provided before.

• Beneficial owner: Nikolai S., holding 100%. Resident in Malta since 2015.
• Identity documents: a Cypriot passport at onboarding; a renewed Cypriot passport now, plus the disclosure of Russian citizenship
• Business: wholesale distribution of electronic components across the EU
• Turnover: €2.4m, broadly flat across the four years
• Customers: around forty, mostly EU manufacturers, with two in Central Asia added last year
• Screening: no hits, but every search so far has been run against the Cypriot identity alone
• Rating at onboarding: medium
• Accounts: audited and filed on time each year