Most Irish companies are totally oblivious to the new EU Regulations requiring them to maintain Registers of Beneficial Owners, to keep that information on a specific register and then arrange for it to be transmitted directly, electronically, into the new Central Registry, which will be situated at the Companies Registration Office in Dublin. However, because it’s not a company law requirement, this information will be stored on a completely separate register to that maintained by the Registrar of Companies.

The new requirement to file this information in the Central Registry is coming here in Early 2018! It’s mandatory and most importantly it’s been a legal requirement here since 15th November 2016 and it’s inevitable that the softly softly approach presently adopted is guaranteed to change later next year. Expect more by way of enforcement, sanction and even spot checks on companies by officials from the anti-money-laundering units associated with the Department of Finance and the Department of Justice!

Accordingly, all companies need to review their position and if necessary Regulation 6, 8 and 10 Notices need to be prepared immediately and dispatched to the relevant members of the Company. These new regulations also apply to companies limited by guarantee, Co-Op’s and Industrial and Provident Societies.