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Considering setting up a trust fund in Ireland? If you're, then you should definitely pay close attention to the recent changes in AML rules. Pursuant to the new rules, trustees must retrieve & maintain accurate & up-to-date data relating to the trusts’ beneficial owners. 

So, let’s take a closer look at them.

Required Information

A registry must contain the following information:

  • address;
  • nationality.
  • name;
  • dates of birth;
  • date of entry into the register;
  • date when the person ceased to be a beneficiary.

Please note that the new AML regulations shouldn’t impact the procedure for registering a trust fund in the Republic of Ireland.

Beneficial Ownership: Definition

The new rules define beneficial owners as individuals that have initiated procedure for registering a trust in the Republic of Ireland. They’re the ones that control & own trusts, and on behalf of whom all activities & transactions are undertaken. Beneficial owners can be:

  • founders;
  • trustees;
  • beneficiaries;
  • any other persons authorized to exercise full control over a trust.

Accessing a Registry

If approached by authorized & other government bodies, trustees must provide unobstructed access to their registers. The said bodies may share the information from registries with relevantly authorized agencies based in the EU.

Notification

Those considering creating a trust in the Republic of Ireland should keep in mind that trustees interacting with the so-called ‘designated individuals’ (e.g. banks, lawyers, accountants, etc.) must:

  • notify them of their role;
  • notify them of trusts’ beneficial owners;
  • inform them of whatever changes to the above information.

Changing Information & Saving Records

Trustees are required to:

  • keep their registers up-to-date;
  • make changes to the registers in case there’s been changes in beneficial ownership; 
  • record all actions taken to ID beneficial owners, keeping them for a minimum of five years;
  • destroy all records, unless the law requires them to do otherwise or individuals mentioned in the records give their consent to preserve them.

Registration of International Trusts in the Republic of Ireland: Penalties

If there's any misinformation about individuals in the registry or if the information about them has been incorrectly removed, those individuals may file a lawsuit demanding that the said information be rectified. If found guilty, trustees may be required to make corrections to the registry or pay compensation to the affected individuals. If they fail to comply with the court’s verdict, they may have to pay a fine of up to five thousand euros.

Setting up Trust Funds in the Republic of Ireland

IQ Decision UK is going to be continuing to monitor the latest developments in Irish AML legislation, providing you with the latest updates. Should you require to register a company in the Republic of Ireland or establish a trust in the Republic of Ireland, please don’t hesitate to contact our experts. They're going to be happy to help you get around any obstacles that you might be facing in this regard.