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Beneficial Owners of Trusts

Beneficial Owners of Trusts

Setting up and maintaining registers of beneficial owners.

Setting up and maintaining registers of beneficial owners.

On 31 January 2019 the Department of Finance released regulations dated 1 February 2019, requiring trustees of certain express trusts to set up and maintain registers of beneficial owners. The regulations appear to apply from 1 February 2019.

The requirements apply to express trusts whose trustees are resident in Ireland or which are otherwise administered in Ireland. They include collective investment undertaking trustees.

This is Ireland’s first step in meeting European Union (EU) Member States’ obligations under EU Anti-Money Laundering (AML) Directives to set up and maintain a central register of trust beneficial owners. EU Member States are required to set up a central register by March 2020.

Read KPMG's on-a-page summary which sets out at a high level what trusts are understood to be in scope, the information that is required to be collected in respect of each beneficial owner, who is considered to be a beneficial owner under the provisions and who can access the beneficial ownership information.


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