The European Union Regulations 2016 were published by the Department of Finance on November 15th 2016. These regulations derive from the EU’s Fourth Ant-Money Laundering Directive (AMLD4). Its principal aim is to ensure that individuals with significant control in a relevant entity can be identified for the purposes of customer due diligence to combat terrorist financing and money laundering.
The Register of Beneficial Ownership or RBO is the central location of statutory information required to be held by relevant entities in respect of the natural person who are the beneficial owners or controllers of the company.
It is important to note if a relevant entity does not file with the RBO, it may be guilty of an offence and be liable on summary conviction to a Class A fine of up to €5,000 and on conviction on indictment to a fine of up to €500,000.