With the filing deadline of 23 October 2021 for the newly opened Central Register for Beneficial Ownerships of Trusts ("CRBOT") fast approaching, trustees of newly formed and existing relevant trusts need to consider their obligations under the new European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021.
In particular, trustees need to be cognizant of the information required to be filed on the CRBOT and ensure that it is gathered ahead of the filing deadline.
The looming deadline applies to all relevant trusts established on or prior to 23 April 2021, while trusts established after that date must register with CRBOT within 6 months of their creation.
Trustees of any relevant trust formed on or prior to 23 April 2021 should take the following steps ahead of the 23 October 2021 filing deadline:
- File the following information with the CRBOT in respect of the
beneficial owners of the relevant trust who are individuals:
- Date of birth;
- Country of Residence;
- PPSN (for verification purposes only, the number will be stored securely by the Revenue Commissioners but not be included on the CRBOT); or
- Foreign tax registration number, passport number or national identity number where the beneficial owner does not have a PPSN and is not resident in the State, (again this number is to be provided for verification purposes, will be stored securely but not to be included on the CRBOT); and
- Statement of the nature and extent of the interest held or control exercised by that individual.
- Where the beneficial owner is a legal
entity registered on another central register either
in Ireland or the EU the trustee must file the following
information with the CRBOT:
- Name of the legal entity;
- Registered address of the legal entity;
- Name of the central register on which they are registered;
- Filing number on the central register; and
- Statement of the nature and extent of the interest held or control exercised by that legal entity.
- Where the entity is not obliged to register with an Irish or EU central register, the trustee is obliged to "look through" and file the details of the individual beneficial owner in respect of that entity as outlined above.
- When filing, an agent must also file a signed and completed Revenue agent link notification.
Trustees of any trust within the scope of the Regulations must also:
- Take "all reasonable steps" to obtain and hold adequate, accurate and current information in respect of the trust's beneficial owners; and
- Establish and maintain a "beneficial ownership register" for the trust. This Internal Register is separate from the requirement to file with CRBOT.
How to File
Trustees can register with CRBOT through ROS, or opt to have their agents or advisors do so on their behalf. Where the filer is an individual who does not have a business tax registration number, they can instead file through their MyAccount.
Additional information on the CRBOT and what constitutes a "relevant trust" and "beneficial owner" may be found here.
The CRBOT filing requirement can extend to certain entities or organisations which may not realise they have an obligation to file. This would include:
- unincorporated sports bodies,
- unincorporated charities,
- certain partnerships where partnership property is being held upon a bare or nominee trust for the other partners, and
- personal representatives of an estate which is in the course of administration and trustees of will trusts being established.
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.