Beneficial Ownership of Corporates - Establishment of Central Register

Executive Summary
The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (S.I. 110 of 2019) (the “2019 Regulations”) have substantially come into force as of 22 March 2019. Part 3 of the 2019 Regulations (“Part 3”), which relates to the establishment and operation of a central register of beneficial ownership of corporate entities (the “Central Register”), will enter into force on 22 June 2019.

An Irish incorporated company or other legal entity (a “Relevant Entity”), incorporated prior to the entry into force of Part 3, will be required to submit relevant information to the Central Register within five months of the introduction of the 2019 Regulations (i.e. by 22 November 2019). A Relevant Entity incorporated after 22 June 2019 shall commence providing information to the Central Register within five months of its incorporation.

The 2019 Regulations transpose the provisions of the Fourth Anti-Money Laundering Directive (the “4MLD”) (as amended by the Fifth Anti- Money Laundering Directive (the “5MLD”)) and repeal the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the “2016 Regulations”).

The introduction of the 2019 Regulations, which expand on the legal framework introduced by the 2016 Regulations (see our previous briefings relating to the 2016 Regulations here and here), are part of a suite of EU and global initiatives that have been introduced in order to improve corporate transparency.

In addition to the 2019 Regulations, regulations imposing a requirement on trusts to maintain a register of beneficial ownership have recently come into force in Ireland, as part of the transposition of 4MLD. A central register of beneficial ownership of trusts, once introduced, will be maintained by the Revenue Commissioners (for further detail please see our separate briefing). Our understanding is that separate regulations will be published providing for the establishment of a register of beneficial ownership of ICAVs, which will be maintained by the Central Bank of Ireland.

 

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Eoin O'ConnorPartnerT +353 1 470 6664eoin.oconnor@walkersglobal.com
Conor DalyAssociateT +353 1 470 6684conor.daly@walkersglobal.com
Bill LaffanAssociateT +353 1 863 8511bill.laffan@walkersglobal.com
Niall Esler ConsultantT +353 1 863 8517 niall.esler@walkersglobal.com
Shane MartinDirectorT +353 1 470 6673shane.martin@walkersglobal.com
Fiona de LacyManaging DirectorT +353 1 470 6611fiona.delacy@walkersglobal.com

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Fiona de LacyManaging DirectorT +353 1 470 6611fiona.delacy@walkersglobal.com