Firms facing fines up to €500,000 over failure to register owners’ names

Register of Beneficial Ownership office issues non-compliance notices to remind firms they were supposed to have signed up by November 2019

25th July, 2021
Firms facing fines up to €500,000 over failure to register owners’ names
Firms who do not sign up can face fines of up to €5,000 in the District Court and up to €500,000 in the Circuit Court. Picture: iStock

About 40,000 companies are facing the threat of fines of up to €500,000 for failing to register the names of their owners.

The register of beneficial ownership was set up as part of an EU-wide initiative to prevent criminals or terrorists from hiding their ownership of companies.

However, there are still 40,000 companies out of a total of 232,000 in Ireland who have not registered. Firms who do not sign up can face fines of up...

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