Company Bureau can assist you with the creation and/or maintenance of your company’s beneficial owners register. This statutory requirement came into existence on the 15th November 2016 as part of Ireland’s implementation of the 4th EU Anti-Money Laundering Directive (AML4D) and requires Irish companies to create and maintain this internal register of beneficial owners. The requirement on Irish companies is as follows:
- Establish and maintain an internal register of ultimate beneficial owners containing the following; full legal name, date of birth, nationality and residential address, and a statement of the nature and extent of the interest held by each such beneficial owner
- If a beneficial owner is unknown steps must be taken to obtain beneficial ownership information to the internal register
- If no beneficial owner can be identified, the name of senior managers including directors and CEO will be entered into the internal register as the beneficial owners
A beneficial owner is defined as the natural person(s) who ultimately owns/controls the corporate or legal entity through a percentage of the shares or voting rights. Any ownership holding more than 25% of shares is considered to have ownership or control.
If you have not already done so, we strongly advise that you create and maintain a beneficial owners’ register to comply with this legislation. For more information on creating and maintaining this legally required Internal Register of Beneficial Owners, please do not hesitate to contact us on +3531 646 1625 or email email@example.com.
*Please note that AML4D have also created a separate requirement to file details of these beneficial owners with the Central Register of Beneficial Ownership (CRBO). Please click here for more information.