Timely Disclosure of Beneficial Owners and Trust Register Changes Mandatory
In an effort to combat money laundering and terrorist financing, the Irish government has introduced new regulations requiring trustees of relevant trusts to disclose beneficial ownership information to designated authorities.
Duties of Others
Beneficial Owner Notification
Beneficial owners who are not included on the Trust Register must notify their details in writing to the trustee within two months. Similarly, if a beneficial owner’s status changes, they must inform the trustee within 14 days.
Designated Person Notification
Designated persons and authorities, such as An Garda Síochána, Revenue Commissioners, and Competent Authorities, are also required to notify any discrepancies between the Trust Register and Central Trust Register.
Access to Central Trust Register
Limited Access
The Central Trust Register is not open for public inspection. However, high-ranking officers from An Garda Síochána, Financial Intelligence Unit Ireland, Revenue Commissioners, CAB, and Competent Authorities may access the register without restriction. Information on the register may also be disclosed to corresponding competent authorities in other Member States.
Restricted Access
Designated persons and individuals demonstrating a legitimate interest may access restricted information on the Central Trust Register, which includes details such as:
- Name
- Month and year of birth
- Nationality
- Country of residence
- Nature and extent of interest held
Recent Legislative Updates
Compliance Deadline
Corporates that have not yet filed their beneficial ownership information on the Central Corporate Register are advised to do so immediately. Failure to comply may result in punitive sanctions.
Updated Form for Reporting Discrepancies
The Registrar of Corporates has also updated its website with a new prescribed form for reporting discrepancies, while a review to identify corporates that have not filed is ongoing.
Central Beneficial Ownership Register
Financial Vehicles Requirements
Financial vehicles such as ICAVs, Unit Trusts, and Credit Unions are required to maintain an internal register of their beneficial owners and report this information to the Central Bank of Ireland. Changes in beneficial ownership must be updated within 14 days.
Investment Limited Partnerships and Common Contractual Funds
The Investments Limited Partnership (Amendment) Act 2020 has also extended the requirement for beneficial ownership registers to Investment Limited Partnerships and Common Contractual Funds.
Conclusion
While these measures aim to tackle money laundering and fraudulent crime, their effectiveness remains to be seen. Trustees of relevant trusts now face a new compliance deadline, and non-compliance may result in punitive sanctions.
If you have concerns about beneficial ownership or company secretarial queries, please contact Salvador Nash or Andrea Sherlock.