28 Feb 23

Register of Beneficial Ownership: Restoration of Access

Cafico International | Registers of beneficial ownership | RBO

As previously reported, since the ruling of the European Court of Justice (ECJ) to invalidate provisions whereby EU member states made the information on central Registers of Beneficial Ownership accessible to any member of the public on privacy grounds, access to information was suspended in many countries including Ireland.

Since the suspension was imposed, the Registrar of the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the RBO) has worked on restoring access for Designated Persons (as defined in Section 25 of the Criminal Justice (Money Laundering & Terrorist Financing) Act 2010, as amended and Competent Authorities (as defined in Section 60 of the same Act). Designated Persons and Competent Authorities can now apply for access to the RBO by completing a BEN3A1 Designated Persons Administration Declaration form and returning it to the Registrar of the RBO.

Access to the general public continues to be suspended in line with the decision of the ECJ and it is likely that the European Commission will amend the provisions of Directive (EU) 2015/849 to formally remove this right of access.

As this is an ongoing matter, we will issue further updates as developments occur.

Our Legal and Compliance team has significant experience in compliance with statutory regulatory reporting obligations and legal administration functions which are critical to the success of our clients' businesses. The team provide safe hands to assist you in ensuring that you do not suffer financial or reputational harm as a result of non-compliance with local laws and regulations. For further information please contact Máiréad Lyons or Kelvin McHugh.