New Legislation Implemented
The new EU (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 has the following key dates
- 22nd June 2019 website allows for uploading of data
- Closing date of 22nd November 2019 to file on www.rbo.gov.ie
A beneficial owner is an individual who owns or controls directly or indirectly:-
- more than 25% of the shares;
- more than 25% voting rights;
- more than 25% ownership interest; or
- has the ability to control the company via other means.
What information needs to be disclosed?
Each company is required to supply all of the below for each beneficial owner:
- Date of Birth
- Nature and Extent of Control
- PPS number- this will not disclosed to people accessing the website
Who can access the beneficial ownership register?
The new legislation also clarifies who can access the information held on the register. An Garda Síochána, the Revenue Commissioners, the Criminal Assets Bureau and other competent authorities in Ireland or within the EU will have unrestricted access to the information.
Restricted access will be available to designated persons who will be given permission to view a certain level of information based on a business transaction or relationship.
The onus is on the company to ensure the information is up to date. Fines for not submitting and/or maintaining the beneficial ownership register for their company can be as much as €500,000 following summary conviction.
To find out more don’t hesitate to contact the O’Donovan Lavin team on on 061 411000.