The deadline is fast approaching for entities to file the required beneficial ownership details with the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (the "Central Register"). Relevant entities have until 22 November 2019 to file their beneficial ownership details with the Central Register without being in breach of their statutory duty to file.
The Central Register is the central database of information required to be held by companies and industrial and provident societies in their own internal registries in respect of the natural persons who are their beneficial owners/controllers, including details of the beneficial interests held by them.
An entity that fails to comply with the requirement to file its beneficial ownership details with the Central Register shall be deemed to have committed an offence and shall be liable, on summary conviction to a class A fine, which is a fine not exceeding €5,000, or on conviction on indictment, to a fine not exceeding €500,000.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
