Central Register of Beneficial Ownership of Trusts - New Requirements
The most recent update to the European Anti-Money Laundering (AML) regulations, as transposed into law in Ireland, now require Trusts to maintain an internal register of their Beneficial Ownership, and to file details with the central register, operated by Revenue
Many companies are already aware of similar regulations brought into law in 2019 that required companies, including charities constituted as companies, to maintain and file details of their Beneficial Ownership on www.rbo.ie
We have been working closely with Revenue over recent weeks on the interpretation of what this means for charities and they have published Frequently Asked Questions as guidance which includes a section on charities.
This is a complex area and you may need your own legal advice or you may need to reach out to Revenue directly on firstname.lastname@example.org if you have any queries.
Mason Hayes & Curran hosted an informative webinar on the matter on 21 October 2021. A recording is available on their website.
We realise this is an issue that many charities may not be aware of, but understand it may only apply to a limited number of charities depending on their legal status or structures as Trusts.
We hope this is of assistance and if you have any queries please contact our Director of Finance, Tony Ward (email@example.com).