As designated persons under AML legislation, solicitors are reminded of their obligations to check the Central Register of Beneficial Ownership of Trusts (CRBOT), following a recent amendment to the AML: Beneficial Ownership of Trust Regulations.

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 is to help prevent money laundering and terrorist financing by improving transparency over both ownership and control of Irish trusts and corporate entities.

Trustees, corporate entities, and solicitors 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

Under the European Union (Anti-Money Laundering: Beneficial Ownership of Trusts) Regulations 2021 (SI No. 194 of 2021) 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, with penalties imposed on trustees that fail to comply.

Solicitors’ obligations

As a designated persons under AML legislation, you 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, you 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) 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, with penalties imposed on trustees that fail to comply.

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.

This article has been adapted from a June 2026 practice note issued by the Regulation of Practice and Conveyancing Committees.