European Union Regulations 2019
Anti-Money Laundering: Beneficial Ownership of Corporate Entities
On 22 March 2019, Statutory instrument 110 of 2019, European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 was signed into law to establish a Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies which will come into effect on 22 June 2019. Relevant entities which exist prior to 22 June 2019 will have five months (by 22 November 2019) to deliver the required information to the Central Register which is most likely to be overseen by the Registrar of Companies.
Penalties for non-compliance can range from a class A fine i.e. €5,000 on summary conviction or imprisonment for a term not exceeding 12 months or both or on conviction on indictment to a fine not exceeding €500,000 or imprisonment for a term not exceeding 12 months or both.
To learn more about the new central beneficial ownership register of Companies and Industrial and Provident Societies and its impact, please download our brochure to the right.”