Central Register of Beneficial Ownership of Companies: New Restrictions on AccessJune 2023
Since 13 June 2023, persons seeking to inspect information on the central register of beneficial ownership of companies must first demonstrate they have a “legitimate interest” in anti-money laundering and countering terrorist financing, to justify that access. The changes are introduced under new 2023 Regulations, following a significant 2022 judgement of the Court of Justice of the European Union.
“Legitimate Interest” Requirement
A person may not access the central register unless they can demonstrate to the Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies (“the Registrar”) that:
- The person is engaged in the prevention, detection or investigation of money-laundering or terrorist financing offences;
- They are seeking to inspect the information for those purposes; and
- The access would be in respect of an entity that is connected with a person that has been convicted of an AML offence or who holds assets in a high-risk third country.
Making a submission and if necessary, providing information document pertaining to the requestors previous AML activities to the Registrar will demonstrate “legitimate interest”.
Read the 2023 Regulations (European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2023) here