Access to the Irish Central Register of Beneficial Ownership
If you want access to the Irish Central Register of Beneficial Ownership (the RBO), you must now be able to show a “legitimate interest” in investigating money-laundering and terrorist financing. Previously, anyone could access the RBO.
In Ireland, the Registrar of Companies, which maintains the RBO, restricted access to it following a November 2022 ruling of the Court of Justice of the European Union.
The court found public access to the RBO interfered with rights to privacy and personal data protection. In June 2023, the restriction of access was passed into Irish legislation.
The ‘Legitimate Interest’ Hurdle
Under the new legislation, you must apply to the Registrar of Beneficial Ownership of Companies and Industrial and Provident Societies (the “Registrar”) to be granted access to the RBO. Your application must show you’re:
- engaged in the prevention, detection or investigation of money laundering or terrorist financing offences
- seeking to inspect RBO information for those purposes, even if you doing so doesn’t relate to any pending administrative or legal proceedings
- looking into a company connected with anyone convicted of a money laundering or terrorist financing offence, or who holds assets in a high-risk third country.
Who’s left with access?
Designated persons and competent authorities can still access the RBO. But who else can gain access?
The Registrar would likely give access to an advocacy group or journalist investigating money laundering or related criminal activity.
It’s unlikely, however, that it would give RBO access to a person or organisation for reasons relating to a commercial transaction or company acquisition.
Ongoing obligations for businesses
Irish companies must still maintain an internal register of beneficial ownership.
They must also make filings on any beneficial ownership to the RBO to ensure the register is adequate, accurate and current.
Paul James Cashman-Roberts contributed insights to this guidance.
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