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Ireland: Beneficial owners of corporate entities; disclosures due 22 November 2019

Ireland: Beneficial owners of corporate entities

Corporate entities are required to register and disclose their beneficial owners under a regime intended to “lift the veil of secrecy” on corporate ownership.

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The deadline for declarations is 22 November 2019.

The register of beneficial owners is being implemented under EU anti-money laundering rules, and is designed to increase transparency concerning the ownership structures of corporate entities. The requirement affects virtually all Irish companies—including companies limited by guarantee and other bodies corporate such as Irish collective asset-management vehicles (ICAVs) and industrial and provident societies.

Foreign beneficial owners, in particular individuals, will need to have a Personal Public Service number (PPSN), a key requirement for online filing and compliance.

In practice, how will the new regime work? For example, if a bank is carrying out customer due diligence and the beneficial ownership information provided to the bank does not correspond with the public filing, the bank will have to report the discrepancy to the beneficial owner register.

Read an October 2019 report prepared by the KPMG member firm in Ireland

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