The CRBOT (Central Register of Beneficial Ownership of Trusts) was created in 2021 to help prevent money laundering and terrorist financing through the use of trusts. It is a register of the names and details of the ultimate beneficial owners of Irish trusts.
In recent years the Revenue Commissioners are concerned that not every trust that should be registered on the CRBOT is actually on the register.
Their CRBOT Team have been conducting compliance-related visits to those acting for trusts, e.g. trust service providers, to ensure they are complying with the CRBOT requirements. While this will apply more to solicitors and law firms, some accountants may also act as trust service providers
The Revenue say that there is a general lack of awareness of CRBOT e.g.:
- The term ‘beneficial owner’ means more than just a beneficiary/ class of beneficiaries.
- The CRBOT Team expect to see a ‘settlor’, so a will trust, or unilateral trust should include this status in the trustee’s nature and extent of interest held.
- Designated persons must check the CRBOT register themselves and retain evidence of that check.
- Where a company acts as a beneficial owner and is registered on the RBO (Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies), their CRO number can be provided to avoid capturing data that is already on the RBO.
Discrepancy Notices must be submitted if designated persons (such as tax advisers) identify factual discrepancies in relation to the trust registers when performing AML due diligence required under AML requirements.
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:
- 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
- AML Webinar (December 2023) available here, which accompanies the AML Manual. It explains the latest legal AML reporting position for accountancy firms and includes a quiz. Upon completion you receive a CPD certificate for attendance in your inbox.
- 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.
