Mind the gap: dual registration rules for Irish-linked trusts 

Background 

After a period of inactivity, the Irish Central Register of Beneficial Ownership of Trusts (the “CRBOT”) has returned to the scene of UK trust regulation. It implements the Fourth and Fifth Anti-Money Laundering Directives via S.I. No. 194 of 2021 (The Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act 2021), for non-resident trustees. CRBOT aims to combat money laundering and terrorist financing by increasing transparency around the ownership and control of Irish trusts. Since Brexit, registration under the UK’s Trust Registration Service (the “TRS”) does not satisfy EU requirements, making dual registration necessary.  

The CRBOT applies to trusts that are administered in Ireland, have a trustee residing in Ireland, maintain business relationships in Ireland or acquire land or property there. A ‘business relationship’ refers to any ongoing business, professional or commercial arrangements between a customer and a regulated service provider under anti-money laundering legislation. Consequently, this broad definition captures almost all transactions with an element of Irish connection. It is important to recognise that many clients hold investment bonds issued by Ireland-based providers – whether they are held in trust or a life policy wrapper. These structures fall within the CRBOT’s scope and must be registered promptly.  

Timeline 

The following timeline highlights key developments in the rollout and reintroduction of the CRBOT for non-resident trustees. After the CRBOT’s initial launch in August 2021, issues in the ability of UK trustees to register and update the CRBOT became evident. The main issue was the need to have a Tax Advisor Identity Number (“TAIN”), with which non-residents of Ireland are not typically supplied. This led to the system being suspended whilst a solution was developed. At the beginning of this year, the reintroduction of the CRBOT for non-resident trustees was announced. Following a pilot scheme, the new system (omitting TAINs) went live on 5 March 2025. 

How does the CRBOT apply to trustees? 

Trustees are responsible for registering all trusts with Irish links on the CRBOT, but this responsibility may be delegated. If the trust is already registered on a trust register of another European Member State, and the information matches the CRBOT’s requirements, re-registration may be unnecessary. In such cases, a trustee can apply for a certificate from the Member State’s registrar as evidence of compliance. If not, trustees can access the non-resident trust portal via the revenue.ie website.  

Trustees must sign up, verify the account, and then download and complete the ‘beneficial ownership detail’ templates. This process can be time-consuming as ‘beneficial owners’ include settlors, trustees, individual beneficiaries (including classes) and protectors. If an individual holds multiple roles, these details must be recorded on separate forms. It is the trustee’s responsibility to take all reasonable steps to obtain and hold adequate, accurate and current information in respect of a trust’s beneficial owners, and to update the internal register accordingly. For trusts established prior to 23 April 2021, the registration deadline was 23 October 2021. For those established after, there is a legal obligation to register within six months of the trust’s creation.  

Information needed to register  

The information required is broadly similar to that needed by the TRS. However, the CRBOT imposes an additional requirement of anti-money laundering evidence, such as a copy of the beneficial owner’s passport. Trustees must also provide a comprehensive set of personal details for each beneficial owner as outlined in the template. This includes but is not limited to, full name, residential address, Personal Public Service Numbers and a description of the nature and extent of the interest held, or control exercised.  

Mechanisms for registering and reporting 

Multiple routes to compliance with the CRBOT are available, and trustees have discretion to adopt the option best suited to their trust’s structure: 

1. the trustee can directly register through the Non-Resident Trust Portal 

2. the trustee can obtain a certificate from the registrar of an alternate Member State in which the trust is registered 

3. the trustee may appoint a professional trustee or trust administration service, to prepare and submit all required information on the trustee’s behalf 

4. firms such as Birketts can be retained to complete the registration process on the trustee’s behalf 

5. if the trust was registered under the previous system with a TAIN, this can be used to log back in and update the beneficial owner details. 

Penalties 

If a trustee fails to comply with the Anti-Money Laundering: Beneficial Ownership of Trusts Regulations 2021, the penalties can be severe due to the criminal nature of the legislation. For a less serious offence, a fine of up to €5,000 can be imposed, while conviction on indictment may result in a fine up to €500,000 or imprisonment for up to 12 months. 

During the CRBOT’s temporary suspension in the UK, the Irish Revenue Commissioners acknowledged the genuine difficulty of the situation and indicated that no penalties would be issued. With the system now reinstated, trustees are advised to register the trust as soon as practically possible to avoid any potential penalties.  

Summary 

Given the unique legal relationship between Ireland and England, it is understandable that trustees may mistakenly believe registration under the TRS is sufficient. However, this is not the case. Trustees must ensure that any trust involving Irish property or investments from Ireland-based providers is registered in line with the CRBOT’s requirements.  

For more information, or tailored guidance on dealing with the CRBOT, please get in touch with Yasmin Metcalfe at [email protected].

This article was written by work experience student Abbie McCarthy.