The statutory instrument No. 560 of 2016 entitled ‘European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2016’ requires corporate and other legal entities incorporated within Ireland to hold adequate, accurate and current information on their beneficial ownership, including details of the beneficial interests held. This statutory instrument has a commencement date of 15 November 2016.
The SI transposes the first sub-paragraph of Article 30(1) of the Fourth Anti-Money Laundering Directive (4AMLD). The rationale for transposing this provision in advance of the rest of the 4AMLD is that in order for the central register of beneficial ownership (required by Article 33(3) of 4AMLD) to be effective from as early a date as possible after full transposition, corporate entities will need to initially gather the necessary beneficial ownership data and to record same in their own corporate beneficial ownership registers.