- within Accounting and Audit, Immigration and Insurance topic(s)
The Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the "Central Register") launched on 29 July 2019.
Irish incorporated companies and other legal entities ("Relevant Entities") are obliged by Part 3 of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (S.I. 110 of 2019) (the "2019 Regulations") to file details of their beneficial ownership with the Central Register.
Existing Relevant Entities have until 22 November 2019 to file the details of their beneficial ownership with the Central Register and Relevant Entities incorporated after 22 June 2019 shall commence providing information to the Central Register within five months of their incorporation.
Relevant Entities must submit their beneficial ownership information through the Central Register's online registration portal - https://rbo.gov.ie/. Paper submissions are not accepted and no fees are charged.
The launch of the Central Register had been delayed to allow for some clarifications regarding the legality of the submission of PPS numbers to the Central Register to verify the identity of the beneficial owners of Relevant Entities. Following the entry into force of the Social Welfare Consolidation Act 2005 (Specified Bodies) Regulations 2019 from 29 July 2019, the Central Register now has the relevant authority to use the PPS numbers of beneficial owners in performing its functions. Further details of issues related to the submission of PPS numbers to the Central Register are set out below.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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