Beneficial Ownership Register
The EU (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (S.I. No. 560 of 2016) gave effect in Ireland to the Fourth EU Anti-Money Laundering Directive and introduced a requirement for Ireland to put in a place a system to record beneficial ownership of shares in companies and Industrial and Provident Societies. Beneficial ownership is defined as being a shareholding of more than 25% in a company.
From 15th November 2016, a company must maintain a beneficial ownership register of its shareholders. The register must consist of:
- the name, date of birth, nationality and residential addresses of each beneficial owner of it (the beneficial owner must be a natural person);
- a statement of the nature and extent of the interest held by each such beneficial owner;
- the date on which each natural person was entered into the register as a beneficial owner of it;
- the date on which each natural person who has ceased to be a beneficial owner of it ceased to be such an owner.
The precise format of notifications to/from companies and their beneficial owners concerning the beneficial ownership register have been set out in the Statutory Instrument.
A central registry of beneficial ownership is to be established very shortly. Companies will be required to submit their beneficial ownership details to a Central Registry (once established). Irish legislation and further details surrounding this public register is currently awaited.
We can assist your company in initially establishing its internal Beneficial Ownership Register and thereafter updating it as changes occur and making its Beneficial Ownership Return to the Central Registry, once established.
