The Institute of Directors (IoD) in Ireland has today called on corporate entities and relevant individuals to be mindful of the 22nd November deadline for compliance with the EU (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019.
The statement comes after the IoD’s latest quarterly Director Sentiment Monitor for Q3 2019 found that 70% of business leaders are aware of the impending deadline to make filings with the Register of Beneficial Ownership to ensure compliance with those EU Regulations. However, the findings also revealed that 65% of the survey respondents believe awareness in the business community of the deadline and requirements of those EU Regulations to be either insufficient (50%) or non-existent (15%), with only 16% feeling it was sufficient.
Maura Quinn, CEO, IoD Ireland said:
While the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) has made considerable efforts at raising awareness of the approaching deadline, it would seem from our survey findings that our members feel the current level of that awareness in the wider business community falls short, just ten days before the closing date.”
Maura Quinn, CEO, added:
We would ask corporate entities and relevant individuals to be mindful of the 22nd November deadline. We would also encourage the RBO to be mindful of these findings around awareness and do more to help the business community to prepare.”
As part of the IoD’s ongoing advocacy work, the organisation has written formally to the relevant authority, the Department of Business, Enterprise and Innovation, to express a number of widely held concerns in relation to this process. The IoD has also made a number of recommendations.