Revenue: from education to enforcement on CRBOT

Revenue is signalling a clear shift from education to enforcement in relation to trust beneficial ownership reporting, with sanctions for practitioners who do not report discrepancies.

The Central Register of Beneficial Ownership of Trusts (CRBOT) was set up in 2021 to meet EU anti-money laundering obligations. 

Already registered

Speaking at the Law Society’s Probate and Tax update (12 March), Mick O’Connor (principal officer and registrar of CRBOT) said that Revenue’s position is that all trusts within scope should already be registered.

Robert Jordan of Revenue’s trust register team said that they are now “conducting educational outreach directly to business premises … in sectors that are likely to engage with the trust register, whether that be them engaging as trustee, as a presenter, or as a designated person.

“Focus is now on those that are expected to demonstrate a knowledge of CRBOT obligations and still do not,” Jordan added.

Broad scope

In his presentation on the user experience of CRBOT, Jordan explained the register’s broad scope.

A trust may fall within scope not only where trustees are Irish-resident or the trust is administered in the State, but also where a trustee enters into a business relationship in Ireland.

Limited Irish connections

This means that trusts with relatively limited Irish connections can still require registration. 

Only written trusts are captured, so identifying the trust deed is key.

While a will itself is not a trust for these purposes, a trust created under a will will generally fall within scope.

“We are conscious that there are many low-risk data-sensitive trusts currently obliged to register,” Jordan said.

Reduced registration requirements 

"We are engaging with the Department of Finance and the EU Commission to either exclude them or obtain reduced registration requirements for them.”

Trusts generally have six months from creation to register.

In practice, registration is often required earlier where trustees enter into a business relationship with a designated person such as a solicitor, accountant or financial institution, as beneficial-ownership verification forms part of customer due diligence. 

Once registered, changes to beneficial ownership information must be updated within 14 days.

Trustees must also continue to maintain an internal beneficial ownership register alongside the central filing, with both expected to contain identical information.

In reference to the fact that Revenue online services do not recognise fadas, apostrophes and foreign diacritics, Jordan clarified that only “material factual differences” need to be reported.

Thus, while Sean and Seán would not be considered a difference between the two registers, Sean and John would require notification.

Other practical points from his presentation included using the ‘nature and extent of interest’ field to explain arrangements not apparent from the deed, and ensuring details are accurate at the outset as some core fields cannot easily be amended. 

Draconian

Aileen Keogan, chair of the Law Society Probate Committee and the Irish branch of the Society of Trust and Estate Practitioners (STEP), raised the question of SI 440 of 2025.

This instrument places the obligation on designated persons to check if trusts have been registered and registered correctly and if not, to report them via the discrepancy notice.

Not doing so means facing what the head of Keogan Law & Tax described as “a hell of a fine,” or prosecution.

Mick O’Connor explained that designated persons must report both material discrepancies and instances of non-registration identified during customer due diligence. 

However the registrar added that while sanctions are “quite draconian,” Revenue takes “a measured response”.

He differentiated between cases involving minor discrepancies and “cases in the public interest that we have to take extreme action on.”

General queries can be sent by email to TrustRegister@revenue.ie