This practice note is issued by the Regulation of Practice Committee to flag to solicitors, as designated persons under AML legislation, a recent amendment to the Anti-Money Laundering: Beneficial Ownership of Trust Regulations and to remind solicitors of their obligations in relation to checking the Central Register of Beneficial Ownership of Trusts (CRBOT) and actions required where they note discrepancies or missing information.
Background
The combined effect of S.I. 194/2021, S.I. 440/2025, and the 4th and 5th AML Directives significantly strengthens Ireland’s beneficial ownership transparency framework. The purpose of registration of beneficial ownership[1] is to help prevent money laundering and terrorist financing by improving transparency as regards who ultimately owns and controls Irish trusts and corporate entities.
Trustees, corporate entities, and solicitors as designated persons must ensure robust identification, maintenance, and reporting of beneficial ownership data to meet statutory obligations and support the broader EU objective of combatting money laundering and terrorist financing.
Legal requirements
Arising from the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021 (SI No. 194 of 2021), solicitors are aware that trustees are obliged to:
- Obtain and maintain internal beneficial ownership records, and
- File information with the Central Register of Beneficial Ownership of Trusts (CRBOT), operated by the Revenue Commissioners, as required.
Failure of a trustee to meet their obligations is an offence and S.I. No. 194/2021 sets out the penalties for trustees that fail to comply.[2]
Solicitors, as designated persons under AML legislation, are obliged to check the register to verify beneficial ownership before establishing a business relationship or if a change to the trust is identified during ongoing monitoring. In high-risk transactions, the solicitor would be required to repeat the check periodically until the matter has concluded. Solicitors must deliver a 'discrepancy notice' to the Registrar when there is a discrepancy between the particulars of a trust's internal register and the CRBOT.
The European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) (Amendment) (No. 2) Regulations 2025 (S.I. No. 440 of 2025), which came into effect in October 2025, amend the provisions of the S.I. No. 194/2021 to introduce new obligations on designated persons under Regulation 22A in circumstances where details regarding a relevant trust have not been registered in the CRBOT.
Where a solicitor becomes aware that a trust has not been registered in the central register, they must notify the Registrar in a timely manner. This applies when the solicitor:
- Identifies particulars of the beneficial owner(s) during CDD, and,
- Forms the opinion that the trust is missing from the central register.
SI No. 440 of 2025 also creates a separate obligation on competent authorities such as the Law Society of Ireland to report non-registration to the Registrar.
Failure of a trustee to comply with a request from the designated person to register the trust is an offence and S.I. No. 194 of 2021 sets out the penalties for trustees that fail to comply.[3]
Failure of a designated person to comply with their duty to notify the Registrar when there is a discrepancy between the particulars of a trust's internal register and the CRBOT or where there is a failure to register the trust in the Central Register is an offence subject to a Class A fine on summary conviction.
The CRBOT is available for inspection to solicitors as designated persons.
Details for how to notify the Registrar can be found here: CRBOT discrepancy notice form
Relevant legislation
The 4th and 5th Anti-Money Laundering Directives (AMLD), which require each EU Member State to establish a CRBOT.
S.I. No. 194 of 2021 and The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021, which transposed into Irish law the requirements of the directives.
I. No. 440 of 2025Amendment to Discrepancy Notice reporting requirements.
References
[1] As defined in Article 3(6) of Directive (EU) 2015/849, the 4th EU Money Laundering Directive.
[2] These penalties are set out in Regulation 30, S.I. No. 194 of 2021.
[3] These penalties are set out in Regulation 30, S.I. 194 of 2021.
