European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016
Following the introduction of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the “Regulations”) effective 15 November 2016 every company or other legal entity incorporated in Ireland must keep a Beneficial Ownership Register, with the exception of listed companies and those subject to equivalent international standards.
The beneficial owner of a company is any natural person who directly or indirectly owns or controls more than 25% of the legal entity. For companies this is any shareholder with more than a 25% direct shareholding, or where the shareholder itself is a company any individual who is the ultimate owner of that company or who has 25% or more interest in that company.
The Regulations set out an obligation for every relevant entity to take reasonable steps to obtain and hold adequate, accurate and current information in respect of its beneficial owners and set out requirements regarding the gathering of such information.
The Regulations also impose statutory obligations on beneficial owners to respond and to come forward with information in certain scenarios.
The requirement is currently to hold and maintain the required information as an internal Beneficial Ownership Register, however this information is scheduled to be included within a public register by mid-2017.
Failure to comply with the regulations by either the company or an individual is a statutory offence.
If you have any further queries or if you would like assistance with creating a beneficial ownership register please call Anna or Bernadette on 00353 (0) 91 704818.