Beneficial Ownership Prosecutions Commenced

Beneficial Ownership Prosecutions Commenced

by | Jun 25, 2025 | Blog, News

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.

For audit cold file reviews and tailored training sessions explaining more about various topics like AML, Audit, FRS 102, please send a mail to john@jmcc.ie.

For more on engagement and representation letter templates and a variety of CPD webinars on money laundering and other accounting/audit related topics, please go to our website for:

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.

New Procedures Manual to help with AML

New Procedures Manual to help with AML

by | Feb 27, 2020 | Blog, News

We have just published an update to the AML Policies Controls & Procedures Manual last week, which is available to purchase now on our website. Our latest February 2020 edition includes the following updated items:

  1. Pronouncement by the FATF arising from their Public Consultation on FATF Draft Guidance on Digital Identity (discussed at the FATF plenary meeting in Paris from 19-21 February 2020)
  2. The latest developments on the RBO register since June 2019
  3. Further guidance on carrying out electronic searches and the validity of sourcing electronic data for client identity purposes.

This Manual contains everything you need to successfully implement the requirements of the Criminal Justice (Money Laundering and Terrorist Financing) Acts, 2010 to 2018 which became law on 26 November 2018 and the Register of Beneficial Ownership which came into effect on 22 June 2019.

This Manual comes with a, free of charge, Excel spreadsheet called the ‘AML Control Sheet’ which firms may use to give a ‘helicopter’ view of progress made with keeping client AML data up to date.

The Manual includes eleven Appendices with templates/guidance on how to implement the legislation efficiently. It retails for only €150+VAT and may be downloaded, ready to use, in Word format.