Update of Register of Beneficial Owners

What is a Register of Beneficial Owners and Who is Required to File on the Central Register?

The Central Register of Beneficial Ownership was launched in Ireland on 29 July 2019. All legal and corporate entities in the member states of EU are required to maintain a Register of Beneficial Ownership under the EU’s Fourth Anti-Money Laundering Directive. The register is required to be maintained internally by the entity and the information should also be held in a central register maintained in each member state.

A beneficial owner is defined as an individual who directly or indirectly holds the ownership or control of a legal entity. The ownership could be by way of holding a certain percentage of shares, ownership interest, voting rights or by way of control through other ways. An ownership is considered to be direct where more than 25% shares, voting rights, ownership interest or control are held. It is considered to be indirect if it is held by a corporate entity which is controlled by an individual.

What Particulars are Required to be Filed on the Central Register?

The following particulars must be filed through the online portal on the RBO’s official website:
  • The name, date of birth, nationality and the address in respect of each of the beneficial owners;
  • The particulars of the interest or ownership held;
  • PPS number of each of the beneficial owner, for the purposes of validating the individual’s identity;
  • Where beneficial owner does not have a PPS number, a declaration should be submitted by each such beneficial owner in order to verify the identity. This Declaration as to the Verification of Identity is filed on the Form BEN2.

Importance of Complying With the Above Requirements:

It is essential that the information held in the Register for Beneficial Ownership is adequate, correct and up to date as required under the Directive, since the failure to comply can result in huge penalties which can range from €5,000 (Class A fine) to €500,000.

How Can Fusion Formations Help You?

The filing of particulars relevant to the Register of Beneficial Ownership can be filed online and without a fee. However, considering the seriousness of the offence in case of the non-compliance of this regulation, it is important to get it done right and on time.

Our professional team can assist you in ensuring that all aspects of compliance relevant to this Directive are taken care of. Our package for Update of Register of Beneficial Owners is priced at €69.00 only.

If you have any queries related to the compliance of this statutory requirement, please feel free to give us a call and our team of professionals will help you accordingly.