On 22nd March 2019 the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) Regulations 2019 (the “Principal Regulations”) came into effect. The Principal Regulations required corporate entities to maintain a beneficial ownership register and to file their beneficial ownership details on a central register, which included PPS details, or a Ben2 form if a PPS number was not in issue for the beneficial owner.
Subsequently on 25th June 2020 Statutory Instrument No. 233 of 2020 The European Union (Modifications of Statutory Instrument No.110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) Regulations 2020 (the “2020 Regulations”) came into effect. The 2020 Regulations amended the Principal Regulations and required ICAVs, Unit Trusts and Credit Unions (“AFVs”) to file their beneficial ownership details on a central register, the ‘Beneficial Ownership Register for Certain Financial Vehicles’ (the “Central Register”) maintained by the Central Bank of Ireland (“CBI”).
As per the 2020 Regulations, AFVs were previously exempt from the requirement to file PPS details, or any equivalent form of verification of their beneficial owners. On 1st July 2021, this exemption was removed by the enactment of Statutory Instrument No. 321 of 2021 the European Union (Modifications of Statutory Instrument No.110 of 2019) (Registration of Beneficial Ownership of Certain Financial Vehicles) (Amendment) Regulations 2021 (the “2021 Regulations”).
AFVs in existence prior to 1st July 2021, will be required to file their beneficial owner’s PPS details on the Central Register by 1st January 2022. AFVs created after the 1st July 2021 will have six months to file these details from the date of creation/ registration.
It is unclear at present whether a Ben2 form or an equivalent verification document will be required for beneficial owners that do not hold a PPS number. It is expected that the CBI will publish further information on this requirement in due course.
KB Associates Services
KB Associates provides a range of services to investment funds including:
- The provision of MLRO services
- The provision of beneficial owner register services
- The provision of UCITS management company/AIFM services
- The provision of designated persons to perform UCITS business plan/AIFMD programme of activity functions.
If you would like to discuss this note or KB Associates’ services in general, please contact:
- Angela Godfrey (Tel: +353 1 908 1510, firstname.lastname@example.org)
- Lisa McCooey (Tel: +353 1 908 1267, email@example.com)
- Faye McCrossan (Tel: +353 1 908 1371, firstname.lastname@example.org)