Verification of Identity Process

From Q3 2022 CFV will be required to report PPS Numbers to the Beneficial Ownership Register of Certain Financial Vehicles, in line with statutory obligations. The purpose of collecting PPS Numbers is to provide a validation mechanism for the information being delivered to the register.

• SCENARIO 1 – Beneficial Owners holds a PPS Number – this must be provided.
• SCENARIO 2 - Beneficial owner has never been issued with a PPS Number in Ireland, but has been previously appointed in a Pre-Approval Controlled Function (PCF), under Fitness and Probity Standards - the corresponding Central Bank of Ireland Reference Number provided under this process may be provided on the Beneficial Ownership Information Return, where a beneficial owner is not in possession of a PPS Number.
• SCENARIO 3 - Beneficial owner has never been issued with a PPS Number in Ireland, nor been previously appointed in a PCF role, a separate Verification of Identity Process will apply.

Step 1 - Declaration as to Verification of Identity Form, must be completed by the beneficial owner and signed as indicated.

Step 2 – Signed declaration submitted via “BOR Verification of Identity Return” in the Central Bank of Ireland Portal by the CFV. (Available from 08 August 2022)

Step 3 – CBI will review the Declaration and where all information has been provided, CBI will issue the CBI Reference Number via email to the beneficial owner.

Step 4– On receipt of a Central Bank Reference Number via the above process, the beneficial owner provides the CBI Reference Number to the presenter of Beneficial Ownership Information Return, in order to submit the return.

Step 5 – Presenter submits the Beneficial Ownership Information Return via updated template to allow reporting of PPS Number or CBI Reference Number (New template available from October 2022).

Note: A beneficial owner must only complete the above process once, regardless of the number of CFV for which they are a beneficial owner.

See below step-by-step guidance in relation to submitting the BOR Verification of Identity Return.