5AMLD may go one step further than 4AMLD and potentially grant public access to the Ultimate Beneficial Owner Registers.
Although 5AMLD is still provisional and yet to be adopted into Irish domestic law, it is expected that the Department of Finance (DoF) is waiting to release a Statutory Instrument (SI) to cover both the assignment of responsibility to the Companies Registrations Office for the maintenance of the online portal, and also the new 5AMLD requirements. Member States (MS) will have the option to amend the new provisions outlined in 5AMLD, so it is unclear what will or will not be adopted into Ireland until the DoF release a SI.
Subject to how 5AMLD will be implemented, it has the potential to make a series of significant changes to the Ultimate Beneficial Owner requirements in Ireland. Integral changes include:
Any member of public may have access to the information on the online Central Register of Beneficial Ownership, in addition to national authorities.
Member States are permitted to impose limited restrictions on access in certain circumstances, including where there is a risk of fraud / kidnapping / blackmail / violence / intimidation.
Sanctions for a breach of the beneficial ownership obligations may be increased.
Certain changes have also been proposed in relation to the disclosure obligations for trusts, under A31 of 4AMLD. Under 5AMLD, public access may be granted to ascertain essential beneficial ownership information held in registries regarding companies and trusts that engage in economic activities.
5AMLD has received staunch criticism in Ireland, yet it goes some way in attempting to improve corporate transparency. Several of the talking points surrounding 5AMLD include: