Obligation to Maintain and File Beneficial Ownership Information
On 22 March 2019, the Department of Finance released regulations to set up a Central Register of Beneficial Ownership of Corporates.
Under the regulations, members of the public will have access to certain information contained on the Central Register, including the name, nationality and month and year of birth of beneficial owners, but will NOT have access to additional information such as their residential address, which is available only to the competent authorities.
The creation of the Central Register in Ireland is required to meet Ireland’s obligations under the European Union (EU) Fourth and Fifth Anti-Money Laundering Directives.
The Regulations replace and expand the scope of regulations introduced in November 2016 which required companies to set up a register of beneficial ownership. In addition to the requirement to have a register of beneficial ownership, from 22 June 2019, certain information must be filed on the Central Register.
Who is obliged to file in Central Register?
The Regulations require all Irish incorporated companies and body corporates to obtain, hold and file information on their beneficial owners.
What information is to be filed on Central Register?
The following information must be filed:-
- The name, date of birth, nationality and residential address of each beneficial owner.
- A statement of the nature and extent of the interest held, or the nature and extent of control exercised by each beneficial owner.
- PPS number of each beneficial owner (to enable the beneficial owner’s identity to be cross checked and validated, the Registrar shall not disclose this information).
Deadline for delivery of information to the Central Register
22 November 2019
The Central Register shall come in to operation three months after the introduction of the Regulations (22 June 2019).
A company in existence prior to the June 2019 commencement date will have five months to file the beneficial ownership information with the Central Register. The initial filing deadline for existing companies is 22 November 2019.
Thereafter, the company will have to report changes in beneficial ownership details to the Central Register when they occur.
A company incorporated after 22 June 2019 will have five months from the date of incorporation to make its first filing of beneficial ownership information.
WE are here to help!
Doran & Co can assist you with ensuring compliance with all aspects of the new regulations.
If you have any questions in relation to these measures, please feel free to contact us and we will do our utmost to assist you.