Ireland Implements New Rules Regarding Third-Party Access to Beneficial Ownership Registers
- Published
- in Industry Updates
What You Need to Know
Ireland has introduced two parallel sets of regulations implementing new rules under the Sixth Anti-Money Laundering Directive (“AMLD6”): the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) (Amendment) Regulations 2026 (S.I. No. 335 of 2026) and the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2026 (S.I. No. 406 of 2026) (together, the “Regulations”).
Between them, the Regulations govern third-party access to (i) the Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies; and (ii) the Central Register of Beneficial Ownership of Trusts (each a “Register”).
Access to each Register remains limited to persons with a “legitimate interest” in preventing and combating money laundering and terrorist financing. The Regulations now introduce a detailed statutory framework around that test.
The Regulations are an important first step in transposing AMLD6 into Irish law.
Background
The beneficial ownership registers were originally established under the Fourth and Fifth Anti-Money Laundering Directives. Under the original regime, members of the public could access certain beneficial ownership information held on the registers. General public access was found to be invalid on privacy grounds in a Court of Justice of the European Union case in 2022. Since the European Union (Anti-Money Laundering: Beneficial Ownership of Corporate Entities) (Amendment) Regulations 2023 (S.I. No. 308 of 2023) came into effect on 13 June 2023, apart from competent authorities and designated persons, only persons who prove a legitimate interest may obtain register information.
The Regulations transpose Articles 11, 12, 13 and 15 of AMLD6 into Irish law.
Key Changes to Third-Party Access
A person may make a submission to the relevant registrar to inspect beneficial ownership information where they demonstrate to the registrar a legitimate interest in the prevention and combating of money laundering and terrorist financing (a “legitimate interest”).
Each of the Regulations introduces a new prescribed list of persons who are deemed to have a legitimate interest, for the purposes of making a submission. This list includes (i) journalists; (ii) civil society organisations; and (iii) persons likely to enter into a transaction with the relevant entity – in each case where such persons are acting for purposes connected with the prevention of money laundering or terrorist financing.
Being deemed to have a legitimate interest does not mean automatic access. A deemed person must still make a submission to the relevant registrar and the registrar must still consider it and issue a certificate before any inspection takes place. In practice, however, the deeming provisions significantly reduce the evidential burden on those parties, particularly journalists and civil society organisations, who were previously required to establish their interest on a case-by-case basis.
The registrar must decide on applications within fixed timeframes, may refuse only on specified grounds and its decisions are subject to appeal to the District Court. Successful applicants receive a three-year access certificate.
In practical terms, Irish companies (including special purpose vehicles and other corporate group entities) and trustees of Irish trusts can expect a greater volume of access requests, particularly from journalists and non-governmental organisations, who no longer need to show a link to a specific entity or trust.
Because filed information, including historical information for up to five years, will be more accessible, entities and trustees should ensure that their internal beneficial ownership registers and their filings on the relevant central register are accurate and up to date.
Timing and Other Entities
Although the Regulations are now in force, the mandatory 12-working-day decision period for granting access under both regimes applies only from 10 November 2026.
The Regulations amend the regimes for companies and trusts only. ICAVs, unit trusts, common contractual funds and investment limited partnerships are subject to the separate Central Bank of Ireland Beneficial Ownership Register for Certain Financial Vehicles, which is not amended by the Regulations. Corresponding changes to the regime for those entities can be expected to follow in due course.
How we can help
These Regulations are just the first step in the implementation of AMLD6. Our dedicated Irish Financial Services Regulatory Group can help you navigate the new requirements and plan for upcoming changes.
Further Information
Further information on our Irish Financial Services Regulatory Group and the services we provide is available on our website1 and in our FSR2 and FinTech3 brochures. If you would like further information, please liaise with your usual Maples Group contact or the persons on this page.
1 https://maples.com/services/legal-services/regulatory-and-financial-services-advisory/irish-financial-services-regulatory
2 https://maples.com/wp-content/uploads/2025/02/Financial-Services-Regulatory-Core-Services.pdf
3 https://maples.com/wp-content/uploads/2026/06/MG_FinTech_A4-4.pdf
