Beneficial Ownership Regulations – Update June 2019

On 15 November, 2016, Ireland enacted legislation (the ‘Regulations’) to implement Article 30 of 4^th EU Anti Money Laundering Directive. It requires most companies to maintain a register of beneficial ownerships.

The purpose of the Regulations are to ensure that company ownership in Ireland is clear and presented in such as way as to discourage or prevent money-laundering, support of terrorist financing and other criminal activities.

The CRO have now confirmed that the Register of Beneficial Ownership (‘RBO’) is the website that has been chosen to hold the below list of information on companies in respect of the natural persons who are their beneficial owners.

There will not be any paper forms or filing fees involved in the process of filing beneficial ownership information. The RBO website is now live and from 22 June 2019 an online portal will be available, through which the below listed beneficial ownership information should be provided.
The following information will be required:-

• For each of its beneficial owners (a beneficial owner being a natural person directly or indirectly owning or controlling more than 25% of the voting rights or issued share capital of a relevant entity):-
  • Name
  • Date of birth
  • Nationality
  • Residential address
• Details of the nature and extent of the beneficial interest held, or control exercised by each of its beneficial owners.
• Company registration number.
• The PPS number of each beneficial owner who has a PPS number.

Companies that came into existence before 22 June 2019 must deliver the above information to the RBO by 22 November 2019.

Companies that come into existence after 22 June 2019 must deliver the above information to the RBO within five months of incorporation.

Failure to carry out its obligations under the regulations will constitute an offence under the regulations, and a company in breach may be liable to a fine of up to €500,000.

Reddy Charlton can arrange to make the required filing for you if required. Please contact Maeve Walsh at mwalsh@reddycharlton.ie for assistance in this regard.