The 4th Money Laundering Directive (MLD4) is expected to be transposed into Irish Law by June 2017.
Effective 15 November 2016, S.I. No. 560 of 2016, transposes Article 30 (1) of MLD4 into Irish law.
In essence, the above article requires companies incorporated in Ireland to hold adequate, accurate and current information on their beneficial owners, by setting up and maintaining a beneficial ownership register.
The beneficial ownership register must include, in respect of each beneficial owner, the following information:
Date of Birth
Nature and extent of interest held
Date entered in the Register
Date person ceases to be a beneficial owner (where applicable)
Any individual who owns, or controls, either directly or indirectly, greater than 25% of the voting rights in a company, is considered to be a beneficial owner.
There are clearly set out responsibilities on both the companies, who must maintain the register, and the individuals, who should be listed in the register, to ensure that the register is complete, accurate and up to date. It is a criminal offence for the company, or an individual, not to comply with their respective obligations under the new regulations.
It should be noted that Article 30 of MLD4, which must be transposed in full by June 2017, has additional requirements including the requirement by Member States to set up a central register of beneficial owners and the requirement to ensure the information contained therein is accessible to competent authorities and FIU.
The above is for information only. The complete obligations are contained in the Regulations referred above as S.I. No. 560 of 2016