EU’s Fourth Anti-Money Laundering Directive
Article 30(1) of the EU’s Fourth Anti-Money Laundering Directive (4AMLD) requires all EU Member States to put into national law provisions requiring corporate and legal entities to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register.
Article 30(3) of 4AMLD requires that the information referred to above be held in a central register in each Member State. The Registrar of Companies has been appointed as the Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO). It has been open to accept filings since 29th July. Filing of beneficial ownership data can only be made on-line through a portal on the RBO website. There are no paper forms and no filing fees involved. Companies and societies will have until Friday, 22nd November to file their data with the RBO without being in breach of their statutory duty to file. More information is available from the Companies Registration Office.
IoD submission letter in response to the legislation
The Institute of Directors (IoD) in Ireland has written to the Department of Business, Enterprise and Innovation to express a number of widely held concerns about the filing process and timeline.