The Fourth Money Laundering Directive (MLD4) was published in the Official Journal on 5 June 2015. With effect from 15 November 2016, Article 30(1) of MLD4 has been transposed into Irish law, 7 months in advance of the June 2017 transposition deadline, by way of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the "Regulations").
Companies and other legal entities incorporated in Ireland are now required to establish an internal beneficial ownership register (the "Register") which collates current, accurate and adequate information in relation to the "beneficial owners" of the company. Where this information is not known entities must take all reasonable steps to ensure the information is obtained and entered on the Register. The Register should include the names of the senior managers (including the directors and CEO) of the relevant entity as "beneficial owners" where no beneficial owners can be identified.
A beneficial owner is an individual who ultimately owns or controls the relevant entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in the relevant entity. A shareholding of 25% plus one share or an ownership interest of more than 25% will be evidence of ownership or control.
A link to the Regulations is here.