Beneficial Ownership Registration

 


The CRO have advised that Article 30(1) of the EU’s Fourth Anti-Money Laundering Directive (4AMLD) requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register.

Article 30(3) of 4AMLD requires that the information referred to above be held in a central register in each Member State. 

A Statutory Instrument, No. 110 of 2019, to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) was recently signed into law by the Minister for Finance.

This legislation provides for the appointment of a Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies. The intention is that this function will be given to the Registrar of Companies.

Statutory Instrument No 560/2016, which required all corporate and legal entities to hold adequate, accurate and current information on their beneficial owner(s) in their internal register, has been revoked and replaced by SI 110 of 2019 with immediate effect.
Part 3 of the SI, which relates to the establishment of the central register, will come into operation on 22 June 2019.

For more details on this, please refer to the following link on CRO website.