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Central Bank opens new Beneficial Ownership Register
Updated / Monday, 1 Feb 2021
13:00
The new register was established by the Central Bank on foot of EU anti-money laundering and counter-terrorism directives
Economics Correspondent
The Central Bank has opened its Beneficial Ownership Register to make available information on the owners of certain types of investments and funds.
The Register was established on foot of EU anti-money laundering and counter-terrorism directives.
Its purpose is to deter money laundering and terrorist financing by preventing the ultimate identity owners of certain funds from being revealed.
The funds covered are Irish Collective Asset-Management Vehicles (ICAV s), Unit Trusts and Credit Unions.
On January 1, 2021, Congress enacted the Anti-Money Laundering Act of 2020 (the “Act”).
1 As part of the National Defense Authorization Act for Fiscal Year 2021, the Act creates a broad range of new anti-money laundering (“AML”) obligations for banks and other financial institutions, certain private investment structures, and even federal regulators.
Spanning more than 85 pages, the Act contains a number of significant new provisions and changes. Many of the new provisions, including those creating a federal beneficial ownership registry, call for implementing regulations that will be promulgated months or years from now. Other provisions, including new criminal offenses and new subpoena authority over foreign banks with U.S. correspondent accounts, take effect immediately.
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In this issue we consider a number of recent Central Bank
updates including some of its post-Brexit requirements for UK
Investment Managers and UK AIFMs, its recent consultations on
performance fees and on changes to the AIF rulebook in relation to
permissible features of closed-ended AIFs, and some clarifications
for unit trust funds in respect of their central register filings.
We also note the passing of the Investment Limited Partnerships
(Amendment) Bill and consider the implications for investment funds
following the Central Bank s thematic inspections on Fitness