Corporate entities are required to register and disclose their beneficial owners under a regime intended to “lift the veil of secrecy” on corporate ownership.
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
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.