22 October 2019
Irish corporate entities (unless exempted) have until 22 November 2019 to register their beneficial ownership information in the Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies (the ‘RBO’).
Since 15 November 2016, certain Irish corporate entities are required to maintain registers containing their respective beneficial ownership information under the EU (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the ‘2016 Regulations’). This requirement has been restated and supplemented in the recent EU (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (the ‘Regulations’).
Part 3 of the Regulations imposes an obligation on relevant entities to file their beneficial ownership information in the Central Register to be maintained by the Registrar of Beneficial Ownership of Companies and Industrial Provident Societies (the 'Registrar'). The Central Register, the RBO, is now in force, and is accepting online filings through the RBO website.
Central Register filing obligation
Under Part 3, a relevant entity:
The beneficial ownership information to be provided to the RBO includes:
Failure to comply with the Regulations
A relevant entity that fails to comply with its obligations, including failing to deliver the prescribed beneficial ownership information to the Registrar or failing to provide updated information for the purposes of the Central Register, commits an offence and is liable on summary conviction to a class A fine (not greater than €5,000), or on conviction on indictment, to a fine not exceeding €500,000.