In accordance with the 4th EU Anti-Money Laundering Directive (4AMLD), relevant entities (a corporate or other legal entity incorporated in the state and includes a company and other body corporate so incorporated) are required to obtain and hold adequate, accurate and current data with respect to their beneficial owners.
On the 29 July 2019, the Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO) site was launched and all relevant entities must now submit their beneficial ownership information through an online portal at www.rbo.gov.ie. This is the only method by which the information can be submitted; it is not possible to do so on paper, email or otherwise. Existing companies have until the 22nd November 2019 in which to submit information on their beneficial owners, and newly incorporated companies must do so within five months of incorporation.
A relevant entity that:
- fails to obtain and hold information on its beneficial owners;
- fails to maintain its RBO; and
- fails to include information on its beneficial owners in its RBO
commits an offence and is liable for a €5,000 fine on summary conviction and may also be liable to a fine not exceeding €500,000 if convicted on indictment.
If you require any assistance in complying with the obligations as set out, then please do not hesitate to contact us by calling 021-481 0080 or email email@example.com