The CRO announces the launch of the website for the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies

In accordance with the provisions of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the 2016 Regulations), many Irish corporate and other legal entities have, since 15 November 2016, been required to create and maintain an internal register of their beneficial owners.

The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (the 2019 Regulations) which were made law on 22 March 2019, revoke the 2016 Regulations and place an additional requirement for a relevant entity to file its beneficial ownership information with the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (the Registrar).

What is a “Relevant Entity”

A Relevant Entity is a corporate or other legal entity that is incorporated in Ireland. Companies that are listed on a regulated market that are subject to disclosure requirements consistent with the laws of the European Union, or to equivalent international standards which ensure adequate transparency of ownership information, do not fall within the scope of the definition.

Initial filing requirements

A relevant entity that is in existence before 22 June 2019 will have a period of five months from that date to deliver its beneficial ownership information to the Registrar (ie 22 November 2019).

A relevant entity that comes into existence on or after 22 June 2019 will be required to deliver its beneficial ownership information to the Registrar within five months from its date of incorporation.

What information is required to be disclosed

A relevant entity will be required to disclose the following information in relation to each of its beneficial owners on the Central Register.

• the name1, date of birth, nationality and residential address of each of its beneficial owners
• a statement of the nature and extent of the interest held, or the nature and extent of control exercised by, each such beneficial owner
• the company name and company number of the entity, and
• the PPS number2 for each beneficial owner.

Who can access the information on the Central Register

Unrestricted access to beneficial ownership information in the Central Register

In accordance with Section 24 of the 2019 Regulations certain members of An Garda Síochána, The Financial Intelligence Unit (FIU) Ireland, the Revenue Commissioners and the Criminal Assets Bureau shall in certain circumstances be granted the right to inspect the Central Register.

Restricted Access to beneficial ownership information in the Central Register

When a relevant entity enters into an occasional transaction or forms a business relationship with a designated person, or when a designated person is taking customer due diligence measures, the designated person shall have a right to access certain information in relation to the relevant entity that is held on the Central Register.

In addition, a member of the public, may have access to certain information held on the Central Register.

Important considerations

Although the website is now live, beneficial ownership information cannot be entered onto the Central Register until it goes live on 22 June 2019. In the preceding weeks, relevant entities should take the necessary steps to ensure that they are ready for the launch of the Central Register.

In particular, relevant entities should review the information that is currently held on their internal beneficial ownership register and satisfy themselves that the information is accurate and up to date. Furthermore, relevant entities should take steps to inform their beneficial owners that their personal information, as required to be disclosed under the 2019 Regulations, will soon become available on the Central Register. In addition, relevant entities should obtain the PPS numbers in respect of their beneficial owners. In the case of a beneficial owner who does not yet have a PPS number, the relevant entity should advise that individual to liaise with the Department of Employment Affairs and Social Protection in order to obtain a PPS number.

1 Name - The Registrar has advised that the name entered on the Central Register should exactly match the name recorded by the Department of Employment Affairs and Social Protection for the PPS number entered on the Central Register. If the name does not match the records of the Department of Employment Affairs and Social Protection, it will most likely result in the submission being rejected.

2 PPS number - The 2019 Regulations require individuals to provide details of their PPS number. Importantly, where an individual listed as a beneficial owner is a non-Irish resident person who does not yet have a PPS number they may be required to apply to the Department of Employment Affairs and Social Protection in order to obtain a PPS number.