Opening a Bank account for a Limited Company

Mark Hegarty

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Opening a Bank account for a Limited CompanyOpening a Bank account for a Limited Company

Irish Formations have multiple solutions for opening bank accounts for limited companies in Ireland. A new consideration has arisen for anyone looking to open an account. We have been notified by our contact within AIB Bank in Ireland that opening a bank account for a limited company must include a completed submission to the register of beneficial owners. As Irish Formations is a Trust and Company Service Provider or (TCSP) we fall under the Criminal Justice (Money Laundering and Terrorist Financing) Act, 2010, as amended by the Criminal Justice Act 2013 (“the CJA 2010”) contains provisions requiring any person wishing to carry on the business of a Trust or Company Service Provider (TCSP) to obtain an authorization to do so from the Minister for Justice and Equality. We are obliged to carry out risk assessments regarding identification of officers and beneficial owners of companies we incorporate or make amendments to. Risk assessments involves collecting Certified Photo ID and Proof of address with a process to identify high risk engagements.

We are also obliged to ensure that the Register of beneficial owners submission is completed for a limited company where Irish Formations acts as Secretary. If you have not completed this registration you must act now to stay compliant. The Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies was set up in Ireland to improve corporate trust and transparency in the European Union and Ireland and to make it apparent to law enforcement agencies whom the beneficial owners of a company are. The aim of the Directives under AMLD (Anti Money Laundering Directives) is to deter Money Laundering and Terrorist Financing.

A company is legally obliged under regulation SI 110/2019 to maintain an “adequate accurate and current” register of beneficial owners. Any relevant entity that fails to comply with this requirement commits an offence and shall be liable on summary conviction, to a Class A fine, or on conviction on indictment, to a fine not exceeding €500,000.