Access Trust Register

Unrestricted Access

Unrestricted access to beneficial ownership information in the central register

The following shall have the right to inspect the central register:

• a member of the Garda Síochána, not below the rank of inspector;
• a member of FIU Ireland
• an officer of the Revenue Commissioners (who is not the Registrar or an assistant registrar), holding a rank not below that of Higher Executive Officer;
• an officer of the Criminal Assets Bureau, holding a rank not below the rank of inspector in the Garda Síochána, or holding a rank not below that of Higher Executive Officer.

Gardai Exercising Right

The right shall be exercised –

• by a member of the Garda Síochána , unless he or she has been authorised to exercise the right by a member of the Garda Síochána, not below the rank of superintendent,
• by a member of FIU Ireland, unless he or she has been authorised to exercise the right by a member of the Garda Síochána, not below the rank of superintendent,
• by an officer of the Revenue Commissioners, unless he or she has been authorised to exercise the right by an officer of the Revenue Commissioners (other than the Registrar or an assistant registrar), holding a rank, not below that of Principal Officer, or
• by an officer of the Criminal Assets Bureau, unless he or she has been authorised to exercise the right by a member of the Garda Síochána, not below the rank of superintendent.

Regulator Exercising Right

A member, a member of staff or an officer of a regulator who is engaged in the prevention, detection or investigation of possible money laundering or terrorist financing shall have the right to inspect the central register.

The right shall be exercised by –

• a member of staff of the Central Bank of Ireland,
• an officer of the Minister for Justice,
• a member or member of staff of the Property Services Regulatory Authority, or
• a member or member of staff of the Legal Services Regulatory Authority,

(each of which or whom is referred to in this subparagraph as a “relevant regulator”) unless he or she holds a rank not below that of Higher Executive Officer or a corresponding rank and has been authorised to exercise the right by a member or member of staff or, as the case may be, an officer of the relevant regulator concerned, holding a rank not below that of Principal Officer or a corresponding rank, or

In the case of regulators, it may be exercised by

by a member or member of staff of –

• the Law Society of Ireland,
• the General Council of the Bar of Ireland, or
• a designated accountancy body

provided that the President of the Law Society of Ireland, the chairperson of the General Council of the Bar of Ireland or the chief executive of (or a person holding an equivalent position in) the designated accountancy body, as the case may be, designates, as appropriate, on a case by case basis, such member or member of staff, at the request of that member or member of staff, having regard to the purposes for which the right to inspect the register may be afforded, to be a person authorised to exercise the right.

Further Disclosure

Each of the following:

• the Garda Síochána;
• the Revenue Commissioners;
• a regulator;
• the Criminal Assets Bureau,

may disclose the information in the central register to any corresponding regulator of another Member State (a “corresponding authority”); in the event of there being a request made of a body or other person referred to by a corresponding authority for disclosure of such information, the request shall be complied with in a timely manner.

No fee shall be charged to a corresponding authority for the disclosure of the information in the central register.

Restricted Access

When –

a trustee of a trust, acting as trustee, enters into an occasional transaction with a designated business (i.e., subject to money laundering obligations), or forms a business relationship with a designated business, or a designated business is taking customer due diligence measures under money-laundering legislation the designated business shall, have a right of access to the following information in the central register that relates to the trust:

• the name, the month and year of birth and the country of residence and nationality of each beneficial owner of it; and
• a statement of the nature and extent of the interest held, or the nature and extent of control exercised, by each such beneficial owner,

and that access shall be afforded in a timely manner.

The information obtained by a designated business (i.e., one subject money-laundering legislation) by means of access to the central register shall not be relied upon exclusively by the designated business to fulfil the designated business’s duty to apply customer due diligence measures (which duty shall be fulfilled by using a risk-based approach).

Others with Interest

Certain persons who have a legitimate interest in the matter may inspect the following information in the central register that relates to any relevant trust:

• the name, the month and year of birth and the country of residence and nationality of each beneficial owner of it;
• a statement of the nature and extent of the interest held, or the nature and extent of control exercised, by each such beneficial owner.

A person shall not be entitled to exercise this right of inspection) unless such person demonstrates to the Registrar that the person has a legitimate interest for doing so. This means that  there is demonstrated to the Registrar by that person (through the making of a submission and, if required by the Registrar, the supplying of information or documents, including such information or documents as may be available relating to that person’s previous activities, if any, in the prevention, detection or investigation of money laundering or terrorist financing offences)

• that the person is engaged in the prevention, detection or investigation of money laundering or terrorist financing offences,
• that the person is seeking to inspect the information referred to in paragraph (3) for the purposes of an activity in which he or she is engaged (but such activity need not necessarily relate to cases of pending administrative or legal proceedings in respect of the trust concerned), and
• that the trust concerned -is connected with persons convicted (whether in the State or elsewhere) of an offence consisting of money laundering or terrorist financing, or) holds assets in a high-risk third country.

Having considered any submission made and, as the case may be, any information or documents supplied, the Registrar shall either –

• if the Registrar is satisfied that the person concerned has a legitimate interest, permit the person to inspect the information in relation to the trust concerned, or
• if the Registrar is not so satisfied, refuse to permit the person to inspect that information.

Public Interest Access

Any person may request in writing access to the following information in the central register that relates to any trust which holds or owns a controlling interest in any corporate or other legal entity incorporated outside the European Union, whether through direct or indirect ownership (including through bearer shareholdings), or through control by other means:

• the name, month and year of birth and the country of residence and nationality of each beneficial owner of the trust; and
• a statement of the nature and extent of the interest held, or the nature and extent of control exercised, by each such beneficial owner of the trust,

and, subject to the Registrar being satisfied such an interest is so held or owned by the trust, that access shall be afforded in a timely manner.

The Data Protection Act 2018 (No.7 of 2018) shall apply to the access that the Registrar affords to a designated business and any other person, under this Regulation, in respect of the information in the central register that relates to a trust.

Minors

Where a designated business (i.e. subject money-laundering legislation) or any other person seeks to have access to, or to inspect, any information in the central register so far as such information relates to a minor who is a beneficial owner of a trust, the Registrar shall request the designated business or other person to provide, in writing, to the Registrar a summary of the grounds on which he or she considers it is in the public interest that that information be disclosed to him or her.

If the designated business or other person refuses or fails to comply with that request, or unless the Registrar, having considered such a written summary provided to the Registrar, is of the opinion that there are substantial grounds for the contention of the foregoing person that it is in the public interest that the information be disclosed to him or her, the designated business or other person shall not be permitted by the Registrar to have access to, or to inspect, any information in the central register so far as such information relates to the minor concerned.

Record of Access

The Registrar shall keep a record of  each instance of access to, or inspection of, any information in the central register being sought under any of the above grounds and  each decision of the Registrar made in relation to it, indicating whether it is a decision to refuse to permit, or to permit, what is sought to be done. Each such record shall be retained by the Registrar for a period of 5 years from the date of the record’s creation.

Report Discrepancies to Registrar

If -any of the following:

• the Garda Síochána;
• the Revenue Commissioners;
• a regulator;
• the Criminal Assets Bureau,

forms the opinion that there is a discrepancy between the information in the central register and the beneficial ownership information, as it relates to any trust, available to, as the case may be, the Garda Síochána, the Revenue Commissioners or other foregoing authority or bureau (each of which is referred to in this Regulation as a “relevant person”), and to the extent that the doing of the following does not interfere unnecessarily with the performance of the relevant person’s functions, then the relevant person shall deliver, in a timely manner, to the Registrar, in such manner as the Registrar determines, notice of that opinion, specifying the particulars as respects which the foregoing discrepancy exists.

Discrepancy Procedure

On receipt of the foregoing notice, the Registrar shall if the Registrar considers it appropriate to do so, make an entry in the relevant place in the central register which states that the notice has been received and specifies the particulars as respects which the foregoing discrepancy exists, and serve a notice on a trustee of the trust concerned.

The notice served on the trustee shall state that a notification of the discrepancy has been received and shall request the trustee to deliver to the Registrar within a period specified in the notice and in such manner as the Registrar determines –

• a submission as to why the trustee considers the opinion of the relevant person concerned not to be well-founded, or
• if the trustee considers the opinion of the relevant person concerned to be well founded, such amended particulars (for entry in the central register) as are required where the trustee is satisfied that the delivery of such is the appropriate means by which the discrepancy can be resolved,

and such a request shall be complied with by the trustee accordingly.

Fees for Access

Fees may be charged for access to the central register.