Do you Need to Establish a Register of Beneficial Owners?

Most Irish companies and other incorporated bodies will already have taken measures to compile a beneficial ownership register, following the adoption of the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 (the “AML Regulations”) in November 2016.  In addition to imposing new obligations on corporates, the AML Regulations also impose obligations on individuals who are beneficial owners in certain circumstances. 

Any in-scope company or other incorporated body that does not have a beneficial ownership register is currently in breach of the AML Regulations.

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