The Register of Beneficial Ownership (RBO) online portal has been established and will begin accepting filings from the 22nd June 2019. All Irish registered companies are now required to file their beneficial ownership information before the 22nd November 2019 in order to comply with the recently implemented 4th AML (Anti-Money Laundering) Directive.
About the Central Register of Beneficial Ownership (RBO)
The RBO is the central repository of statutory information required to be held by relevant entities in respect of the natural persons who are their beneficial owners/controllers, including details of the beneficial interests held by them.
Relevant entities are:
- companies formed and registered under the Companies Act 2014 or an existing company within the meaning of that Act, and
- industrial and provident societies registered under the Industrial and Provident Societies Acts 1893 to 2018.
Filing of beneficial ownership data with the RBO must be done through an on-line portal.
Who is a Beneficial Owner?
Beneficial owner, in the case of corporate entities, is the natural person(s) who ultimately owns or controls a legal entity through direct or indirect ownership of a sufficient percentage of the ownership or control by means of shares, voting rights, ownership interest or through control via other means.
A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a natural person shall be an indication of direct ownership.
A shareholding of 25 % plus one share or an ownership interest of more than 25 % in the customer held by a corporate entity, which is under the control of a natural person(s), or by multiple corporate entities, which are under the control of the same natural person(s), shall be an indication of indirect ownership.
Control through other means may, inter alia, include the criteria of control used for the purpose of preparing consolidated financial statements, such as through a shareholders’ agreement, the exercise of dominant influence or the power to appoint senior management.
Note: The article is a quick snippet from RBO website for information purposes only and does not constitute legal or other advice.