On Monday the Central Bank of Ireland finally opened its register for certain financial vehicles.
The purpose of the register is to deter money laundering and terrorist finance and to spot HNWs and others who are trying to hide their ownership and control of corporate or legal entities by ensuring that the ultimate owners/controllers of ICAVs, credit unions and unit trusts are identified and that this information is readily accessible to law enforcers, regulators and obliged entities.
Two additional categories of funds (Investment Limited Partnerships and Common Contractual Funds) will also be included on the register later this year.
The Minister for Finance has given the Central Bank of Ireland responsibility for establishing a Central Beneficial Ownership Register in respect of certain financial vehicles and it has now obliged.
CFVs are required to maintain their own internal registers of beneficial ownership, as required by Regulation 15 in SI 110 of 2019. This is separate from the requirement that they must also file the same beneficial-ownership information on the Central Beneficial Ownership Register for CFVs.
CFVs must keep details of their ownership up-to-date at all times. Any changes must go on the register within 14 days, as per Regulation 10 (SI 110 of 2019).