The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (“2019 Regulations”) were signed on 22 March 2019.
One of the many new obligations under the 2019 Regulations includes the requirement to make mandatory disclosures to the Central Register of Beneficial Ownership (“CRBO”) in Ireland.
Many Sole Traders, Branches and Partnerships are now questioning their filing obligations under the new 2019 Regulations. The 2019 Regulations only refer to corporate and legal entities who are incorporated in Ireland. As a sole trader (operating under a specific business name) is not a legal or corporate entity, it does not currently come under the scope of the 2019 Regulations and is not required to disclose information to the CRBO.
Similarly, a Branch is not an entity incorporated in Ireland. Therefore, branches are not currently required to file beneficial ownership details with the Central Register. However, as the legislation evolves, we may see changes introduced which require disclosures.