Beneficial Ownership Prosecutions Commenced
At the April 2025 meeting of the CRO Stakeholder Forum, the minutes of which are regularly published on the CRO website, attendees were told that the compliance rate with the requirement to file beneficial ownership information with the RBO register is currently 88.63%.
The CRO has arranged for appropriate changes to the Companies Act 2014 to permit the RBO to adapt the enforcement process so that it now includes the option to notify the CRO about the filing of beneficial ownership information.
This notification process also notified the CRO of non-filing situations. The CRO was due to commence prosecuting the approximately 12% of companies that have filed no beneficial ownership details. The first of these cases for 2025 were due to be heard in court on the 26th May 2025.
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- Our latest CPD Webinar on The Main Changes in Irish GAAP (recorded July 2024)
- Anti-Money Laundering Policies Controls and Procedures Manual (March 2022) — View the table of contents
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- Letters of engagement and similar templates—Please visit our website here where immediate downloads are available in Word format. A bulk discount is available for orders of five or more items bought together.
ISQM TOOLKIT, or if you prefer to chat through the different audit risks and potential appropriate responses presented by this new standard. We typically tailor ISQM training and brainstorming sessions to suit your firm’s unique requirements. Please contact John McCarthy FCA by email at john@jmcc.ie.
