Central Bank FAQs re Ireland Safe Deposit Box, Bank and Payment Accounts RegisterDecember 2022FAQs - Ireland Safe Deposit Box, Bank and Payment Accounts Register
On 15th December 2022, the Central Bank updated its frequently asked questions (FAQs) in relation to Ireland Safe Deposit Box, Bank and Payment Accounts Register (ISBAR).
ISBAR was recently established and will be administered by the Central Bank to hold information on accounts identifiable by IBAN (including account holders, beneficial owners and signatories), and information on safe deposit box services. The register is established in line with 5th EU AML Directive requirements and is designed to enable Financial Intelligence Unit within An Garda Síochána to search and retrieve information as part of criminal investigations.
Any credit institution established in Ireland, which issues Irish IBAN identifiable accounts, or holds Safe Deposit Boxes on behalf of its customers, is required to provide Bank Account and Safe Deposit Information to ISBAR.
The obligation for credit institutions to provide information will commence once formally notified by the Central Bank to do so in Q1 2023.
Legislation will be enacted at a later date to extend the scope of the reporting obligation to other financial service providers who issue Irish IBANs.
The FAQs cover What is ISBAR, General Reporting Requirements, File Generation and Technical Questions.
You can read them in full via the following link: ISBAR FAQ | Central Bank of Ireland Guidance - Beneficial Ownership Register of Certain Financial Vehicles
The Central Bank, who is also responsible for establishing and maintaining the Beneficial Ownership Register of Certain Financial Vehicles (CFV), has recently updated its Guidance in respect of the CFV Register.
The Register aims to deter money laundering and terrorist financing by those that seek to hide their ownership and control of corporate or legal entities by ensuring that the ultimate owners/controllers of Irish Collective Asset-management Vehicles, Credit Unions, Unit Trusts, Investment Limited Partnerships, and Common Contractual Funds are identified, and that this information is readily accessible to law enforcement, regulators and obliged entities.
The Guidance aims to:
(i) provide CFV, their beneficial owners, and members of the public with information in relation to the scope of the Register;
(ii) outline related processes to the submission of data to the Register; and
(iii) provide all interested parties with information in relation to the use and safeguarding of the data provided, under data protection legislation.
To read the Guidance in full, please follow the link below:Beneficial Ownership Register of Certain Financial Vehicles Guidance