Companies must file beneficial share ownership with CRO by 22nd November 2019
The Companies Registration Office of Ireland (CRO) has issued a reminder of the deadline to file details of the beneficial ownership of the shares or shareholding in Irish registered companies.The central register at http://www.rbo.gov.ie/ has been open since the 29th July 2019.
It is the legal responsibility of a company/society’s officers (director(s) and company/society secretary) to obtain and confirm beneficial ownership on the new register. Officers now have until the 22nd November 2019 to complete the filing with the CRO.
A Beneficial Owner is defined in Article 3(6), 4AMLD (4th Anti Money Laundering Directive), as “any natural person(s) who ultimately owns or controls a legal entity, either through direct or indirect ownership of a sufficient percentage of the shares or voting rights or ownership interest in the entity, including through bearer shareholdings, or through control via other means.” A more comprehensive definition is set out in the FAQ section to the website.”
A criminal offence can arise in the following context:
- failure by a relevant entity to provide information on its beneficial owners to the Registrar, to ensure that the information on the Central Register is up-to-date, or to comply with a request from the Registrar to explain or rectify any discrepancies;
- the provision of materially false information to the Registrar by a relevant entity or presenter on its behalf;
- failure by a designated person to notify the Registrar of a discrepancy between a Beneficial Ownership Register, and the Central Register; and
- failure by a presenter to provide certain information about itself to the Registrar.