Under the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019[1] (the Company BO Regulations), a beneficial owner is any individual person who ultimately owns or controls the client company through direct or indirect ownership of more than 25% of the shares or voting rights or ownership interest in the client company or group as a whole. 

Corporate and legal entities are required to obtain and hold adequate, accurate and current information on their beneficial owner(s) in their own internal beneficial ownership register and to enter this information on the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO)[2].     

In the absence of a beneficial owner, the senior managing officials must be entered into the company’s internal beneficial ownership register and the RBO[3].

A company might engage a number of parties to assist it to comply with the Company BO Regulations such as

• a director / employee;

• in-house solicitor;

• solicitor / solicitor firm;

• trust and company secretarial service provider (TCSP);

• solicitor firm owned TCSP;

• accountant; and

• other individuals or entities.

Next chapter: What is Beneficial Ownership Certification

[1] S.I. No. 110/2019 - European Union (Anti-Money Laundering: Beneficial Ownership Of Corporate Entities) Regulations 2019 [https://www.irishstatutebook.ie/eli/2019/si/110/made/en/print].

[2] See also RBO, FAQs, What is a beneficial Owner & Other Information, See https://rbo.gov.ie/faqs/

[3] Reg 5(4) SI 110 of 2019.  The natural person(s) who hold the position of senior managing official(s).