Philip Hayden, 20th August 2019
With the introduction of the Central Register of Beneficial Ownership (RBO) in July 2019, many companies are unclear as to what this means for their beneficial ownership information. This article will clear up some of the questions around the way this data is processed, treated and who has access to the central register. All Irish separate legal entities, with the exception of those already publicly listed on an exchange, are required to file and maintain beneficial ownership information with the register. This includes those currently designated as non-trading or dormant.
There are two levels of access to the information stored on the Central Register of Beneficial Ownership which will be accessible as two different tiers.
Tier One access to the central register is classified as the unrestricted format of access. This applies to authorised officers within specific organisations only. Access to the central register in this case will be granted to persons by the below:
- An Garda Síochána
- Financial Intelligence Unit (FIU) Ireland
- Revenue Commissioners
- Criminal Assets Bureau (CAB)
- Central Bank of Ireland
- Department of Justice & Equality
- Property Services Regulatory Authority (PSRA)
- Law Society of Ireland
- General Council of the Bar of Ireland
- An inspector appointed by the Director of Corporate Enforcement
As with GDPR regulation, the RBO information is accessed for a specific function and linked to the responsibilities of the above organisations. Where relevant, the information available to Tier One organisations will be shared by one of the above with its corresponding competent authority in another member state only. There is no provision in the legislation for the beneficial ownership information to travel outside of the European Union.
Access to the central register has a second Tier that provides information to the public. A restricted version of the data uploaded to the register is available for a nominal processing fee of €2.50 to the general public. This access to RBO information is also made available to persons conducting due diligence for the purposes of financing, banking, legal professionals and large transactions, etc.
The restricted access in this second Tier does not provide the day of birth, PPS number or address of the beneficial owner for obvious security reasons. The beneficial ownership information available at this level is as follows:
- Forename and Surname
- Month and Year of birth
- Country of residence
- A statement of the nature and extent of the beneficial interest held, or control exercised
Follow this link for more information about Filing Information with the RBO. Should you have any questions about how to file information to the RBO, how this data is processed or who can access the information maintained there, feel free to get in touch with Company Bureau on 01-6461625 or email email@example.com.
Disclaimer This article is for guidance purposes only. It does not constitute legal or professional advice. No liability is accepted by Company Bureau for any action taken or not taken in reliance on the information set out in this article. Professional or legal advice should be obtained before taking or refraining from any action as a result of this article. Any and all information is subject to change.