Requirements for the disclosure of beneficial ownership of Irish companies and the creation of a new Central Register.
On 22 March 2019 Ireland made further implementations of the EU’s Fourth Anti-Money Laundering Directive (the ‘Directive’) by way of a statutory instrument. This Statutory Instrument (the 2019 Regulations) revokes the earlier Statutory Instrument (the 2016 Regulations) but repeats much of its content and provides for the creation of a new central register of the beneficial owners of Irish corporate entities.
On the effective date, 22 June 2019, a new Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the Central Register) was created. The Registrar of Companies was appointed to oversee the Central Register.
Relevant entities which existed prior to the effective date must deliver the required information to the Central Register within 5 months of the effective date, ie 22 November 2019. Newly incorporated companies from the 22 June 2019 have five months from incorporation to deliver their information going forward.
The 2019 Regulations apply to all relevant entities being a corporate or other legal entity incorporated in the State and includes an entity and any other body corporate so incorporated (the Relevant Entity).