CBI will Maintain Central Register of Beneficial Owners for Credit Unions and ICAVsApril 2020
The Central Bank issued correspondence advising that following a decision by the Minister of Finance, the Central Bank will be the state authority delegated with responsibility for establishing and maintaining a central register of beneficial owners in respect of Credit Unions and certain funds (the Register).
These include funds registered under the Irish Collective Asset-management Vehicles Act 2015 (ICAVs) and Unit Trust Schemes registered under the Unit Trust Act, 1990 (Unit Trusts). It has further been indicated that Common Contractual Funds registered under the Investment Funds, Companies and Limited Partnerships Act, 2005 and Investment Limited Partnerships registered under the Investment Limited Partnerships Act, 1994 will also be included on this register in due course.
In accordance with Article 30 of Directive 2015/849 corporate and legal entities should already be maintaining details of their beneficial owners independent of the Register.
Following the Minister’s decision and pursuant to Article 30 of the Fourth EU Anti-Money Laundering Directive (EU 2015/849), as amended by the Fifth EU Anti-Money Laundering Directive (EU 2018/ 843), there will now be two state authorities with delegated responsibility for maintaining central registers of beneficial ownership of corporate and legal entities in Ireland. The register of companies will continue to maintain the register of beneficial ownership of companies and industrial and provident societies, and the Central Bank will have responsibility for maintaining a central register in respect of credit unions and certain funds.
By Judy de Castro - Regulatory Consultant