Obligation to File and Maintain Beneficial Ownership Information before deadline date 22 November 2019
The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (SI 110 of 2019) (“the Regulations”) were signed into law in March 2019.
Under the Regulations, companies in Ireland are obliged:
to obtain, file and hold details of its beneficial owners in an internal register (this legal requirement was introduced in November 2016 by SI 560 of 2016); and
to register the company’s beneficial ownership details in the Central Register of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) before 22 November 2019.
Companies that fail to do so are in breach of their statutory duties and the Money Laundering Legislation (SI 110 of 2019) and failure to comply with these regulations may result in possible penalties, ranging from anywhere between €5,000 to €500,000.
Greally Accountants & Tax Advisors are happy to prepare and submit the Register of Beneficial Ownership on your behalf.
Contact us today for a quote.
Richard Greally ACCA, AITI (CTA) Chartered Tax Advisor, BSc Mgmt