Beneficial Ownership Disclosure
European union Anti-money Laundering – Beneficial ownership of Corporate Entities Regulations 2016
The Anti-Money Laundering Regulations come into operation in Ireland November 2016 and under Irish Law companies must maintain a Beneficial Ownership Register.
Article 3(6)(a) sets out how beneficial ownership should be determined to identify the persons ultimately controlling a legal entity. A beneficial owner is an individual or individuals with significant control over a corporate or legal entity.
Maintain a Beneficial Ownership Register
There is a requirement under Article 30(1) that applies to all corporate and legal entities in Ireland to maintain a Beneficial Ownership Register.
Information which must be included is referred to in Regulation 4(2) to (4).and includes:
- Name, Date of birth, Nationality and Residential address
- A statement of the nature and extent of the interest held by the beneficial owner – percentage of the shares in the Company.
The company is also required to record
- The date on which each individual was entered into the register as the beneficial owner
- The date on which each individual who ceased to be a beneficial owner
A company that fails to comply with this is committing an offence and is liable, to a summary conviction and fine.