Disclosure of Beneficial Ownership of Irish Companies

Register of Beneficial Owners Filing Deadline is Friday 22 November 2019
ACT NOW. CONTACT OUR ADVISORY TEAM.

Filing Deadline for RBO is Friday 22nd November 2019

The Register of Beneficial Owners (RBO) deadline is Friday 22nd November 2019. The RBO has confirmed that there will be no extension to the deadline. The RBO has the power to impose sanctions although they have not indicated when these sanctions may start.

Do you want help filing?

We are pleased to offer you our services to prepare the relevant documents and to file the beneficial ownership information on your behalf. You can call us on 059 913 7040 or 01 278 4455.

What is Beneficial Ownership

This new piece of legislation will affect every company in Ireland and involves changes that are onerous on shareholders as well as company management.

The E.U. (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulation 2019 provides for the creation of a new central register of the beneficial owners of Irish corporate entities.

The term beneficial ownership of a relevant entity is a natural person(s) who ultimately owns or has control of 25% plus one share of the equity or voting/control rights, either directly or indirectly.

In cases where no individual meets the thresholds to be a beneficial owner, details of the senior managing officials (e.g. company directors) are entered in the register of beneficial owners.

What information is to be obtained by the relevant entities?

  • Names, dates of birth, nationalities and residential addresses of each beneficial owner
  • A statement of the nature and extent of the interest held by each beneficial owner
  • The PPS number of each beneficial owner
  • The date on which the natural person was entered into the register as a beneficial owner, and
  • The date on which the beneficial owner of the entity ceased to be such an owner

Who is obliged to file in the Central Register?

The Regulations require all Irish incorporated companies and body corporates to obtain, hold and file information on their beneficial owners.

Companies listed on a regulated market or subject to disclosure requirements consistent with the law of the EU or subject to equivalent international standards which ensure transparency of ownership information are exempt.

Deadline for Filing

Companies have until 22 November 2019 to file the required information with the Central Register.

All newly incorporated companies will have five months from the date of incorporation to make its first filing of beneficial ownership information.

Who can access the Beneficial Ownership Register?

Unrestricted access to beneficial ownership information in the Central Register is permitted to a number of bodies, including An Garda Siochana, the Financial Intelligence Unit (FIU), Revenue Commissioners and the Criminal Assets Bureau.

Members of the public have the right to access the following information in the Central Register:

  • The name, the month and year of birth, the country of residence and nationality of each beneficial owner (no access to PPS numbers or residential addresses)
  • A statement of the nature and extent of the interest held or control exercised by each such beneficial owner.

Is there a requirement to keep the Register up-to-date?

Following the initial filings made to the Central Register, any changes to the beneficial ownership information must be updated within 14 days of such changes taking place on the internal beneficial ownership register.

Penalties for failure to compy

An entity that fails to comply commits an offence and the liability can range from on summary conviction €5,000 or on conviction on indictment to a fine not exceeding €500,000.