The Central Register of Beneficial Ownership of Irish companies and Industrial and Provident Societies, collectively termed ‘relevant entities’ is now open effective of 29th July 2019 under SI 110 of 2019 and will be open for submissions from that date.
Relevant entities in existence prior to that date will have up until 22th November 2019 by which to file information relating to beneficial owners. Newly incorporated entities will have a period of five months post incorporation in which to file details relating to beneficial owners.
Any subsequent changes in beneficial ownerships must be notified to the Registrar within 14 days of occurring.
Non-compliance with the regulations will be a criminal offence.
A relevant entity may engage a presenter to lodge the information on its behalf.
INFORMATION TO BE DISCLOSED
Information to be disclosed on the Central Register will be as follows:-
Unrestricted access to the Central Register will be available to certain members of An Gardai, Financial Investigation Unit Ireland (FIU), Revenue Commissioners, Criminal Assets Bureau, Competent Authorities engaged in prevention, detection or investigation of possible money laundering or terrorist financing of terrorism or an inspector appointed under Section 764 of the Companies Act 2014.
Restricted access to the Central Register will be available to designated persons who form a business relationship with a relevant entity or is taking customer due diligence measures in relation to a relevant entity. Restricted access will also be available to a member of the public. Information available to those with restricted access will include the name, month and year of birth, the country of residence and nationality of the beneficial owner together with a statement of the nature and extent of the interest held of the nature and extend of control exercised by each beneficial owner.
Access to information in relation to beneficial owners who are ‘minors’ will be permitted at the discretion of the Registrar.
Information held will be destroyed 10 years after a company has been dissolved.
A number of offences are provided for within the Regulations. Non-compliance with the requirements can result in fines ranging from €5,000 on summary conviction up to €500,000 on indictment.
Should you require any further information in relation to this matter please do not hesitate to contact us for further details.