EUROPEAN UNION (ANTI-MONEY LAUNDERING: BENEFICIAL OWNERSHIP OF TRUSTS) REGULATIONS 2019
Source: Iris Oifigiúl 10 2019-02-01 00193-00193

num: 1
paragraphs: These Regulations may be cited as the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2019.
num: 2
paragraphs: (1) In these Regulations -
(2) A word or expression that is used in the Directive and is also used in these Regulations has, unless the context otherwise requires, the same meaning in these Regulations as it has in the Directive.
(3) For the purposes of this Regulation, in the case of a trust which is a collective investment undertaking, a reference to the trustee of a trust includes a reference to a collective investment undertaking trustee.
num: 3
paragraphs: (1) A trustee of a trust shall take all reasonable steps to obtain and hold adequate, accurate and current information in respect of the trust’s beneficial owners, that is to say the name, date of birth, nationality and residential addresses of each beneficial owner of it.
(2) The trustee shall enter the information referred to in paragraph (1) in the trust’s beneficial ownership register, and the following information shall also be entered by it in that register:
(a) the date on which each natural person was entered into the register as a beneficial owner of it; and
(b) the date on which each natural person who has ceased to be a beneficial owner of it ceased to be such an owner.
(3) A trustee of a trust shall provide the Revenue Commissioners or any State competent authority with timely access, on request, to the trust’s beneficial ownership register.
(4) A State competent authority may disclose the information in a beneficial ownership register to any corresponding competent authority of another Member State (and where there is a request made by the second-mentioned competent authority of the first-mentioned one for disclosure of such information the request shall be complied with in a timely manner).
(5) In paragraphs (3) and (4) “State competent authority” means a competent authority referred to in subsection (1)(a) or (b) of section 62 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 (No.6 of 2010) or a competent authority prescribed under subsection (1)(c) of that section 62 .
(6) Where a trustee of a trust, acting as trustee, enters into an occasional transaction with a designated person within the meaning of section 25 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 , or forms a business relationship with such a designated person, the trustee shall -
(a) inform the designated person in writing that it is acting as trustee, and
(b) on request from the designated person, provide the designated person without delay with information identifying all the beneficial owners of the trust (which, in the case of a class of beneficiaries, may be provided by specifying the class of persons who are beneficiaries or potential beneficiaries under the trust).
(7) Where during the course of the business relationship concerned, there is any change in the information provided under paragraph (6)(b), the trustee of the trust concerned shall notify the designated person of the change and the date on which it occurred within 14 days from the date on which the trustee or, if more than one, any one of the trustees of the trust, became aware of the change.
(8) For the purposes of paragraph (6), “occasional transaction” means a transaction in relation to which the designated person is required to apply customer due diligence measures under section 33 of the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 .
num: 4
paragraphs: (1) This Regulation applies where particulars of a natural person, as being a beneficial owner of a trust, are entered in the trust’s beneficial ownership register.
(2) For the purposes of this Regulation, a relevant change occurs if -
(a) the natural person referred to in paragraph (1) ceases to be a beneficial owner of the trust, or
(b) any other change occurs as a result of which the particulars (stated in the foregoing register) in relation to the natural person are incorrect or incomplete.
(3) Where this Regulation applies, as soon as practicable after the trustee of the trust learns of the fact that a relevant change has occurred, there shall be made in the trust’s beneficial ownership register, by the trustee, the appropriate alteration or deletion of information so as to reflect the change that has occurred.
num: 5
paragraphs: The trustee of a trust shall -
(a) keep records of the actions taken under Regulation 3(1) in order to identify the beneficial ownership of it and retain those records for a period of not less than 5 years after the date on which the final distribution is made under the trust, and
(b) make arrangements for those records to be deleted at the end of that period, other than where -
(i) the trustee is required to retain them by or under any enactment or for the purpose of court proceedings,
(ii) any person to whom information in a record relates, consents to the retention of that information, or
(iii) the trustee has reasonable grounds for believing that the records should be retained for the purpose of legal proceedings.
num: 6
paragraphs: (1) A trustee of a trust shall keep and maintain a register which shall be known as an “express trust (beneficial ownership) register” and is in these Regulations referred to as a “beneficial ownership register”.
(2) There shall be entered in the beneficial ownership register by the trustee the information referred to in Regulation 3(1).
(3) If -
(a) the name of any person is, without sufficient cause, entered in or omitted from a beneficial ownership register, or
(b) default is made or unnecessary delay takes place in entering in a beneficial ownership register the fact that a person has ceased to be a beneficial owner of the trust concerned,
(4) Where an application is made under paragraph (3), the High Court may either refuse the application or may order rectification of the beneficial ownership register and payment by the trustee of the trust concerned of compensation for any loss sustained by any party aggrieved.
(5) On such an application, the High Court may -
(a) decide any question as to whether the name of any person who is a party to the application should or should not be entered in or omitted from the beneficial ownership register, and
(b) more generally, decide any question necessary or expedient to be decided for rectification of the beneficial ownership register.
(6) The reference in this Regulation to “any other interested party” is a reference to any other person who is a beneficial owner of the trust.
num: 7
paragraphs: A trustee of a trust who fails to comply with Regulation 3(1), (2), (3), (6) or (7), Regulation 4(3), Regulation 5(a) or (b) or Regulation 6(1) or (2) commits an offence and shall be liable, on summary conviction, to a class A fine.