The European Union (Anti – Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (SI No 110 of 2019) requires corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal registers.

The Regulations also provide that this information is to be held in a central register, known as the Register of Beneficial Ownership of Companies and Industrial and Provident Societies (Central Register). This function will rest with the Registrar of Companies.

Website

The Central Register of Beneficial Ownership went live on 29 April 2019 and the obligation to file relevant beneficial ownership information is effective from 22 June 2019. The website of the Central Register can be found at https://rbo.gov.ie/. All filings must be made through the website.

Time to file

An Irish incorporated company or other legal entity incorporated prior to 22 June 2019 will be required to submit relevant information to the Central Register by no later than 22 November 2019. For entities incorporated after 22 June 2019 the requirement is to submit relevant information to the Central Register within 5 months of incorporation.

Access to the Register is divided up into 2 categories – Unrestricted access and Restricted Access.

Unrestricted Access will be available to:-

  1. An Garda Siochana;
  2. Financial Intelligence Unit Ireland;
  3. The Revenue Commissioners:
  4. the Criminal Assets Bureau;
  5. the Central Bank of Ireland;
  6. Minister for Justice & Equality & departmental officials
  7. The Property Services Regulatory Authority;
  8. the Law Society of Ireland;
  9. the Bar Council
  10. Member or members of staff of a designated accountancy body;
  11. Inspectors appointed by the Director of Corporate Enforcement under s764(1) of the Companies Act 2014.

Information in the Central Register may be disclosed to any corresponding competent authority of another Member State by the Garda Siochana, the Revenue Commissioners and the Criminal Assets Bureau.

Registrar is not permitted to inform companies when a request to access the Central Register is made by one of the above.

Restricted Access will be available to: -

  1. the public and
  2. designated persons who are effecting customer due diligence measures.

The information which may be made available under restricted access is: -

  • The name, the month and year of birth and the country of residence and nationality 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.

Minors

If the information requested from the Central Register relates to a minor, the person seeking the information must provide a written summary setting out the public interest grounds for disclosing the information to them. The information will not be disclosed unless the registrar is of the opinion (having considered the written summary) that there are substantial grounds to the effect that it is in the public interest that the information be disclosed to them.

Click here for a link to our recent flyer on the Regulations.