The Companies Registration Office operates The Central Register of Beneficial Ownership of Companies (RBO) which maintains information on natural persons if they hold either directly or indirectly a shareholding, or ownership interest, of more than 25% in a private company, trust, industrial and provident society or other applicable entity.
It is considered a breach of statutory duty not to file an RBO and penalties of €500,000 may arise.
Newly formed companies have 5 months to file.
However arising from the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2020, banks are now insisting, and rightly so too, that a company must have filed it’s RBO before they will open corporate accounts.
The next obvious step for banks to consider is to close corporate accounts that have not filed an RBO.
You have been warned!