The European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016 came into operation on 15 November 2016. These Irish Regulations form part of the Irish implementation of the 4th Anti-Money Laundering Directive (4AMLD) which is due to be transposed throughout the EU by 26 June 2017.
Certain Irish Corporates must now:
- take “all reasonable steps” to obtain and hold “adequate, accurate and current” information in respect of their beneficial owners;
- construct and keep a new beneficial ownership register; and
- keep the information on beneficial ownership contained in the beneficial ownership register up to date.
Beneficial owners, for the purpose of the Regulations, are natural person(s) who ultimately own or control the entity through direct or indirect ownership of a sufficient percentage of the shares or voting rights in that entity or through control by other means. A percentage of 25% plus one share is stated to be evidence of ownership or control through shareholding, and is stated to apply to every level of direct and indirect ownership.
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