Central Register of Beneficial Owners
The Central Register of Beneficial Owners was put in place to improve corporate trust and transparency in Ireland and the EU. The main aim of the register is to deter money laundering and terrorist financing and to help sanction those who attempt to hide beneficial owners of legal entities for the purpose of illegal activity.
This Anti-Money Laundering Directive (“AMLD”) from the European Union came into force on the 9th of July 2018 with an 18-month transposition period.
WHO IS RESPONSIBLE?
Officers of Companies/societies in Ireland must identify their Beneficial Owners, keep their details on their own internal register and on the register of beneficial owners. This filing must be made within 5 months of the date of incorporation of the company.
WHAT IS A BENEFICIAL OWNER?
A Beneficial Owner is defined in Article 3(6), 4AMLD, as any natural person(s) who ultimately owns or controls a legal entity, either through direct or indirect ownership of a sufficient percentage of the shares or voting rights (More than 25%) or ownership interest in the entity, including through bearer shareholdings, or through control via other means (through a shareholders’ agreement, the exercise of dominant influence or the power to appoint senior management”). This directive also applies to subsidiaries owned by another corporate entity or multiple corporate entities held by multiple corporate entities which are under the control of the same natural person(s), shall be an indication of indirect beneficial ownership. If in doubt re complex company structures you should seek legal advice to assist it in establishing who its beneficial owners are.
WHAT DETAILS DO YOU HAVE TO PROVIDE PER BENEFICIAL OWNER?
The following information is required for each Beneficial Owner:
Company / Society Name:
Company / Society Number:
Date of Birth:
Country of Residence:
Statement of the nature & extent of interest held:
Statement of the nature & extent of control exercised:
Date of entry as beneficial owner:
Date of cessation as beneficial owner:
If there is a change of beneficial owners the RBO must be notified within 14 days of the change.
HOW CAN WE HELP?
If you require Irish Formations to complete this work for you just click HERE