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Central Bank of Ireland updates the Beneficial Ownership FAQs

February 2022

Beneficial ownership is proving to be a complicated topic. There have been numerous regulations issued, the most recent ones being in 2021 for the beneficial ownership of trusts. Designated persons are obliged identify the beneficial owners of a range of commercial entities. The CBI holds the register for Certain Financial Vehicles (CFV) as follows:

• ICAVs
• Credit Unions
• Unit Trusts
• Investment Limited Partnerships and
• Common Contractual Funds

There is a positive obligation on designated persons to screen against the relevant register and report any discrepancy between the information provided to them (in the course of identifying a customer) and what they obtain from the register.

This month the CBI updated the register FAQs which you can access here:
Beneficial Ownership FAQs

Note:

The Revenue Commissioners holds the Central Register of Beneficial Ownership of Trusts (CRBOT) – link below for ease of reference:
Central Register of Beneficial Ownership of Trusts (CRBOT)

The Companies Registration Office holds the Registrar of Beneficial Ownership of Companies and Industrial & Provident Societies – link below for ease of reference:
CRO Beneficial Ownership

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