Anti-money laundering directives require each European Union (EU) Member State to establish a Central Register of Beneficial Ownership of Trusts (CRBOT). The purpose of the CRBOT is to help prevent money laundering and terrorist financing by improving transparency on who ultimately owns and controls Irish trusts.
The terminology used in anti-money laundering to refer to persons who are obliged to implement measures under the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010 is designated persons. This term includes auditors and external accountants.
A designated person is required under section 35 (3A) of the 2010 Act to ascertain that a trust’s beneficial ownership details are entered in the trust’s beneficial ownership register or in the CRBOT, prior to the establishment of a business relationship with that trust.
A designated person can gain access to a trust’s registration by obtaining an access number from the trustee.
Designated Persons have an obligation to notify the Registrar of the CRBOT where there is a discrepancy between the particulars of a trust's internal register and the CRBOT.
A detailed guide on accessing the register and the discrepancy notice form can be found on the CRBOT website here.
A designated person who fails to notify the Registrar of a discrepancy commits an offence and shall be liable, on summary conviction, to a class A fine.