The central register of information on the beneficial ownership of companies and industrial and provident societies will be held and maintained by the Companies Registration Office (CRO)
Irish incorporated companies and other legal entities have been required since 15 November 2016 to create and maintain a beneficial ownership register. This obligation was a first step in preparation for disclosure on a central register, which was to be established by 26 June 2017. The timing of the obligation to disclose beneficial ownership information to a central register has now been extended to autumn 2017. It is expected that, once introduced, companies will be given three months to submit the required information to the central register.
The collection of beneficial ownership information by companies forms part of Ireland’s obligation to establish a central register of beneficial owners under the European Union (EU) Fourth Anti-Money Laundering Directive (AMLD4).
In this article, Salvador Nash, Director KPMG Legal Services recaps on the type of information to be maintained in a beneficial ownership register, discusses who will have access to the central register once established and highlights the primary differences, in practice between disclosure requirements in the UK and Ireland.
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