On 22 March 2019 in accordance with the EU’s Fourth Anti-Money Laundering Directive (4AMLD) the Department of Finance released regulations requiring the set up a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO).
The regulations allow members of the public to have access to certain information contained on the Central Register, this will include; the name, nationality and month and year of birth of beneficial owners. It should be noted that the public will not have access to additional information such as the residential address of the beneficial owner, which is available only to the competent authorities.
Article 30(3) of 4AMLD requires that the information referred to above be held in a central register in each Member State. The Companies Registration Office (CRO) has been appointed as the statutory body in Ireland responsible for the establishment and maintenance of the RBO.
· The opening of the Central Register of Beneficial Ownership online registrations has been postponed temporarily.
· For the companies in existence prior to the June 2019 the deadline for compliance is 22 November 2019.
· Companies incorporated after 22 June 2019 must file their Beneficial Ownership information with the Central Register within 5 months.
· Irish Companies and relevant entities must file any Beneficial Ownership changes with the Central Register within 14 days of the change.
Who is a Beneficial Owner?
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 is to be filed on Central Register?
The following information must be filed: –
· The name, date of birth, nationality and residential address of each beneficial owner.
· A statement of the nature and extent of the interest held, or the nature and extent of control exercised by, each beneficial owner.
· PPS number of each beneficial owner (to enable the beneficial owner’s identity to be cross checked and validated, the Registrar shall not disclose this information).
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.
How Right Solution Centre can help
Our Company Secretarial team can assist you in identifying and registering company beneficial owners in RBO. If you would like us to complete the RBO on your behalf, please contact us on phone: +353 (21) 201-0961, mobile: +353 (86) 700-8031, email: firstname.lastname@example.org or website https://rightsolutioncentre.com/Contact