RBO Annual Report 2023

The RBO recently published its Annual Report for 2023 and the following are some of the key points from the report:-

  • 258,241 (86.23%) of companies and 702 societies (74.60%) had filed beneficial ownership information with the register.
  • A total of 89,920 submissions were received in 2023
  • 18,797 companies and 4 societies registered their beneficial ownership with the RBO for the first time, compared with 22,501 companies and 77 societies in 2022
  • Access to the RBO is restricted to designated bodies and was restored on the 22nd December 2022 after the Court of Justice of the European Union (CJEU) overturned the provisions of Directive (EU) 2015/849 as amended by Directive (EU) 2018/843 providing access to beneficial ownership information to the public. In 2023 a total of 1,331 designated Person accounts were set up.
  • On the 13th June 2023, the Minister for the Department of Finance signed Statutory Instrument No 308 of 2023, introducing the facility for persons with legitimate interest and who satisfied certain criteria. No application for access under legitimate interest was received in 2023.
  • In 2023, the RBO issued 5,049 Rejection/GDPR letters to data subjects whose personal details were used in failed RBO submissions. The number of Rejection/GDPR letters in 2022 was 6,427.
  • 298,755 individual beneficial ownership/control types recorded for the 258,943 entities. There was an average of 1.15 beneficial ownership types registered per entity.
  • The RBO issued 5,785 pre-deadline reminders to file beneficial ownership information to entities in 2023 compared with 6,628 in 2022.
  • 2,170 Discrepancy Notices received in 2023 which is a drop of 1256 compared with 2022
  • 737 Non-Compliance Notices were received in 2023 which is a 69% drop compared with 2022
  • The RBO brought prosecutions for failure to file beneficial ownership information before the Dublin Metropolitan District Court.
    • Cases against fifteen entities were heard in Dublin Metropolitan District Court 8.
      • Eight entities were convicted.
      • Seven entities pleaded guilty, and the Probation Act was applied.

 

NB: The content of this article is provided for information purposes only and does not constitute legal or other advice.

 

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