New Beneficial Ownership Rules
The long-awaited legislation to set up the Beneficial Ownership Register in the Companies Registration Office has finally arrived. The relevant statutory instrument (The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019) was enacted on the 22nd of March 2019.
What does this mean for my company?
- The majority of Irish companies must have an internal Beneficial Ownership Register in place. If this is not already actioned it must be done now. It can no longer be put on the long finger!
- Beneficial Ownership information must be filed in the newly established Central Register of Beneficial Ownership. The Register will be operational and filings can commence from the 22nd of June 2019. There is a five-month grace period which means the latest a filing can be made on is the 22nd of November, 2019 – although it is probably not advisable to wait until then as the penalties for non-compliance have been sizably increased.
Is there anything new I should be aware of (apart from the basic fact that there is a new Central Register)?
- PPS numbers for every Beneficial Owner must now be provided for in the Register
- Some of the information on the Central Register will be accessible to the general public
- Fines for breach have increased from €5,000 to €500,000
More details and advice on this important new legislation is available at any time from KomSec .