New Law Requires Companies to Identify Beneficial Owners

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On 15 November 2016, The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 were published. These Regulations affect all Irish companies (including companies limited by guarantee) and other bodies corporate and requires them to obtain and maintain accurate information in respect of their beneficial owners and to put a beneficial ownership register in place.

The Regulations derive from the Fourth Anti-Money Laundering Directive which is currently due to be transposed into Irish legislation in June 2017. The main aim of this directive is to ensure that individuals with significant interests in a company can be easily identified for the purposes of customer due diligence to guard against money laundering.

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