European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019
The Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) was recently signed into law by the Minister for Finance. This legislation provides for the appointment of a Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies. The intention is that this function will be given to the Registrar of Companies.
The original Article 30 (1) of the EU’s Fourth Anti-Money Laundering Directive requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register.
This new statutory instrument (SI 110) means that the original requirement where all corporate and legal entities had to hold adequate, accurate and current information on their beneficial owner(s) in their internal register has been revoked and from 22 June 2019 this information must be filed in the Central Register.
The RBO will begin to accept on-line filings from 22 June 2019. Companies and Industrial and Provident Societies (I&Ps) will then have 5 months to file their RBO data without being in breach of their statutory duty to file.
The office of the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) will contact each company and I&P about their filing obligations in the coming weeks and an RBO website will be launched on 29 April which will provide further information to customers.
If you require any further details on The Central Register of Beneficial Owners or in relation to our audit and accounting services please contact Deirdre McDermott on 01 439 4200.
A video message from Tadgh O'Sullivan, Director.
To request a call back from the OSK team, please complete the form below.