A commencement date for publicly filing this information has not yet commenced but it is on the way.
What does this mean for your company?
You need to identify who are the real owners/controllers of the company since 15 November 2016.
It means that you must obtain and maintain certain information on the beneficial owners of the company. You must also record the information in a register and later in 2017 publicly file this information.
SI 560 of 2016 is the relevant legislation. European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016.
A person holding directly or indirectly 25% plus shares is an indication of controlling ownership.
Information to be recorded since 15 November 2016 includes
- the name,
- date of birth,
- residential addresses of each beneficial owner (traced back to a natural person), and
- details of their interest in the company.
As well as
- Date added to the register
- Date ceased to be a beneficial owner
Take action now to obtain the information and create a beneficial owners register.
Notices are to be served on persons asking them to confirm that they are beneficial owners.
Persons will have one month to respond.
Duties are imposed on persons to respond and a criminal offence is committed if you fail to respond or provides false information or is reckless in providing information. A fine of up to €5,000 can be imposed.
More information can be obtained from the Companies Registratio Office https://www.cro.ie/Registration/Company/Incidental-Obligations/Beneficial-Ownership-Register
If you require assistance with a company law matter please contact us.
The material in this article is for general information purposes only and does not constitute legal or taxation advice. Specific legal and taxation advice should be sought before acting. All information and taxation rules are subject to change without notice.
No liability whatsoever is accepted by M. McLoughlin & Co. for any action taken in reliance on the information in this article