Last updated: May 13, 2024
The European Union’s Fourth Anti-Money Laundering Directive (4AMLD) mandates all EU Member States, including Ireland, to put provisions into National Law requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their Beneficial Owner(s). These records are to be kept in their own internal Beneficial Ownership Register and in a Central Register of each Member State.
In Ireland, the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies (RBO) fulfils the role of a Central Register. Operational since 29 July 2019, the RBO is the designated authority for accepting filings related to Beneficial Ownership in Ireland.
In Ireland, the responsibility of fulfilling RBO obligations lies squarely with the company's officers, the Director(s) and the Company Secretary. This crucial legal duty involves accurately obtaining, confirming, and maintaining Beneficial Ownership information in the company’s own register. Furthermore, it's essential to submit this verified information to the Registrar of Beneficial Ownership (RBO) within the set timeframes.
NOTE: Failure to comply with these requirements is a breach of statutory duties and a criminal offence which is subject to sanctions.
At Incorpro, we simplify this process for you. When you Register Your Company with us, we efficiently handle the filing of your company's Beneficial Ownership details with the RBO at no extra cost, ensuring your compliance with Irish statutory requirements.
To gain a deeper insight into the duties and responsibilities of a Company Director, visit our extensive Library page for more information.
A Beneficial Owner is an individual who ultimately owns or controls a company. This control can stem from either direct or indirect ownership of at least 25% of the company's shares, voting rights, or overall ownership interest. Understanding this definition is key to ensuring compliance with corporate governance standards.
For an in-depth exploration of Beneficial Ownership and its implications for Shareholders, visit our comprehensive Library for detailed insights.
Operational since 29 July 2019, the RBO is the designated authority for accepting filings related to Beneficial Ownership in Ireland. The process of filing Beneficial Ownership data is designated to the company's officers and must be done online via the RBO Website.
Companies are required to maintain a detailed register of each Beneficial Owner. This register should encompass all critical particulars of the Beneficial Owners, including their name, residential address, date of birth, PPS Number, date of entry into the register, and the nature and extent of their interest. These comprehensive details are then filed with the RBO to ensure regulatory compliance.
Existing companies had a deadline until 22 November 2019 to file their Beneficial Ownership data with the RBO without violating statutory filing duties. Companies incorporated after 22 June 2019 have a 5-month period from the date of incorporation to fulfil their reporting obligations. Subsequently, any changes in Beneficial Ownership of a company must be reported to the RBO within a 14-day timeframe.
Incorpro can streamline the Beneficial Ownership Registration process for you. We offer the service to file the necessary data with the RBO at no extra cost, if you Register Your Company through us.
To ensure accurate verification, each Beneficial Owner is required to provide their PPS Number to the Registrar of Beneficial Ownership (RBO). In cases where a Beneficial Owner does not have a PPS Number, they must complete and submit a VIF Form (Declaration as to Verification of Identity). This form, which verifies the owner's name, date of birth, nationality, and address, needs to be sworn before a notary, signed, and subsequently uploaded to the online portal.
More detailed information about this can be found in our Director PPS Number Requirement Guidance article.
The RBO's data, encompassing vital information on Beneficial Owners, is subject to varied levels of access. Organisations such as An Garda Síochána and the Revenue Commissioners have unrestricted access. In contrast, Designated Persons and Competent Authorities have restricted access, which includes information like the Beneficial Owner's name, month and year of birth, nationality, country of residence, and the nature and extent of their interest.
Designated Persons, including financial institutions, accountants, and legal professionals, bear significant legal responsibilities concerning the Registrar of Beneficial Ownership (RBO). Prior to initiating business relationships, they are obliged to verify the accuracy of Beneficial Ownership data recorded in the RBO. Should they encounter unregistered client details or discrepancies in the existing data, Designated Persons are expected to submit a Non-Compliance Notice to the RBO. This step is crucial in maintaining the integrity of the Beneficial Ownership records and ensuring compliance with Ireland's regulatory framework.
For more comprehensive information on the responsibilities and procedures regarding the RBO, please visit the official RBO Website.
The Registrar of Beneficial Ownership (RBO) provides a detailed list of FAQs on their website, which serves as a valuable first point of reference for understanding Beneficial Ownership requirements.
Should you have any queries or require assistance with your Accounting and Tax needs, our dedicated team at Incorpro is here to help. Connect with us by calling 01-4429409, or visit our Contact Page for more ways to get in touch. Stay updated and engaged by following our Social Media Pages on Twitter, Facebook, LinkedIn and Instagram.
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