In an effort by the European Union to tackle white collar crime across the continent, the establishment of the new Beneficial Ownership Register under the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2019 will mean that agencies with legitimate interests such as the Criminal Assets Bureau, the Revenue Commissioners, and An Garda Síochána will have access to detailed information surrounding the ownership of Irish businesses.
Under the terms of the new regulations, all reasonable steps must be taken by businesses ‘to obtain and hold adequate, accurate and current information in respect of the trust’s beneficial owners’.
Endeavouring to increase transparency and cooperation, Irish authorities will also be able to share their data on a central register which can be viewed by other EU member states, and vice versa.
Although Irish companies have already been required to maintain an internal register of beneficial owners since 2016 under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations, the new regulations that are due to come in to effect in the Republic on June 22nd aim to tighten restrictions in order to more effectively tackle money laundering practices across Europe.
What is a “Beneficial Owner”?
A beneficial owner is defined as someone who ultimately controls or owns more than 25% of a company’s shares and/or voting rights, or exerts control over the company and its management.
Significant Fines
Existing companies and businesses based in Ireland will have until November of this year to submit the relevant information regarding their beneficial owners, or else risk significant fines of up to half a million euro, as well as a possible custodial sentence should they fail to comply with their obligations. New firms will have a time period of five months before they must submit their information.
What Information Will Need to be Filed?
When filing the details of beneficial ownership, the following information must be submitted:
• Full Name
• Date of Birth
• Nationality
• Residential Address
• PPS Number / Social Security Number / Passport Number
• The nature and extent of the interest held by the beneficial owner
If you are seeking further information on the new regulations or the details you are required to submit, please do not hesitate to contact a member of our legal team for expert advice.
* In contentious business, a solicitor may not calculate fees or other charges as a percentage or
proportion of any award or settlement. *
Contact us for more information
In an effort by the European Union to tackle white collar crime across the continent, the establishment of the new Beneficial Ownership Register under the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2019 will mean that agencies with legitimate interests such as the Criminal Assets Bureau, the Revenue Commissioners, and An Garda Síochána will have access to detailed information surrounding the ownership of Irish businesses.
Under the terms of the new regulations, all reasonable steps must be taken by businesses ‘to obtain and hold adequate, accurate and current information in respect of the trust’s beneficial owners’.
Endeavouring to increase transparency and cooperation, Irish authorities will also be able to share their data on a central register which can be viewed by other EU member states, and vice versa.
Although Irish companies have already been required to maintain an internal register of beneficial owners since 2016 under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations, the new regulations that are due to come in to effect in the Republic on June 22nd aim to tighten restrictions in order to more effectively tackle money laundering practices across Europe.
What is a “Beneficial Owner”?
A beneficial owner is defined as someone who ultimately controls or owns more than 25% of a company’s shares and/or voting rights, or exerts control over the company and its management.
Significant Fines
Existing companies and businesses based in Ireland will have until November of this year to submit the relevant information regarding their beneficial owners, or else risk significant fines of up to half a million euro, as well as a possible custodial sentence should they fail to comply with their obligations. New firms will have a time period of five months before they must submit their information.
What Information Will Need to be Filed?
When filing the details of beneficial ownership, the following information must be submitted:
• Full Name
• Date of Birth
• Nationality
• Residential Address
• PPS Number / Social Security Number / Passport Number
• The nature and extent of the interest held by the beneficial owner
If you are seeking further information on the new regulations or the details you are required to submit, please do not hesitate to contact a member of our legal team for expert advice.
* In contentious business, a solicitor may not calculate fees or other charges as a percentage or
proportion of any award or settlement. *
Contact us for more information