Financial Crime World

Law Society Develops Infographic to Simplify Beneficial Ownership Registers

The Law Society has created an interactive one-page infographic to clarify the process of establishing registers of beneficial ownership in Ireland. The visual guide breaks down the incremental steps required for companies and trusts to comply with the new regulations.

Companies

As of September 2019, the status is as follows:

  • Compliance Deadline: Companies have until November 22nd to comply with the new regulations.
  • Resources Available: Solicitors can find helpful resources and contact details in the infographic to advise client companies.

Trusts

  • National Register: A national register of beneficial owners has not yet been established for trusts. Trustees are advised to maintain internal records for the time being.
  • Revenue Commissioners’ Guidance: The Revenue Commissioners will provide information and FAQs similar to those available for company registers once a draft statutory instrument is published.

Law Society’s Business Law Committee

The Law Society’s Business Law Committee has:

  • Submitted Recommendations: Submitted recommendations on draft regulations
  • Provided Feedback: Provided feedback during the transposition consultation period

Solicitors’ Anti-Money Laundering (AML) Obligations

The Law Society offers resources to help solicitors navigate their AML obligations, including:

  • Resources: eZine, bulletins, and gazette articles providing valuable information on AML compliance
  • Reminders: Reminders about reporting suspicious activity and maintaining accurate client records
  • Support: The society’s Policy Development team is available at aml@lawsociety.ie to assist in interpreting AML obligations.

Client Care Leaflet

The Law Society has developed a Client Care leaflet that explains solicitors’ statutory AML obligations to clients. Practitioners can contact the Policy Development team for assistance in interpreting their AML obligations.

By providing this infographic and additional resources, the Law Society aims to support solicitors in complying with the new regulations and maintaining best practice principles.