The new central register of beneficial ownership required all companies to file details of their Ultimate Beneficial Owners (“UBO’s”) publicly with the Companies Registration Office (“CRO”) by the 22nd November 2019.
A beneficial owner is a natural person who directly or indirectly owns or controls over 25% of the share capital where the voting rights are controlled by any other means in a company.
The company name and number, the individuals name and address, the individuals country of residence and nationality, the individuals date of birth, PPS number and the nature and extent of the interest held must be filed, as must the date of entry as a UBO and date of cessation as a UBO.
Where beneficial owners are unknown, the company must show that it has taken all reasonable steps to ensure the beneficial ownership information is gathered and recorded on the register.
Where no beneficial owners can be identified, the names of the senior managing officials of the entity must be recorded.The central register has an unrestricted and restricted access.
Unrestricted access will be made available to certain members of the Garda Siochana, members of the Financial Intelligence Unit Ireland, the Revenue Commissioners and the Criminal Assets Bureau.
Failure to comply with the new 2019 Regulations is an offence and liable on summary conviction to a class A fine or conviction on indictment to a fine up to €500,000.