The Bank of Ireland (BOI) has been a major player in the Irish economy for over 200 years. As a result, the BOI is subject to strict reporting requirements from the Central Bank of Ireland. These requirements include regular financial reporting, risk management, and compliance with regulatory standards. In order to meet these requirements, the BOI has implemented a robust reporting framework and has invested in technology to streamline the reporting process.
The new beneficial ownership information (BOI) reporting rules went into effect on January 1, 2024, meaning that many companies will need to identify and begin submitting information about their beneficial owners. Thanks to a late extension of the requirements, new entities will not need to report until April, at the earliest, but many companies are still confused by the new rules, or possibly unaware of the requirements altogether. Complicating matters further, a recent ruling held that the reporting rules represented congressional overreach and are unconstitutional.
Read a March 2024 report [PDF 251 KB] prepared by KPMG LLP that discusses the origin of the new BOI reporting rule, as well as the new due diligence requirements for companies going forward.
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