NOTICE RE IRELAND’S SAFE DEPOSIT BOX, BANK AND PAYMENTS ACCOUNT REGISTER (ISBAR)

We would like to draw our members’ attention to the references to the Bank Account Register, referred to within our privacy notices. This Bank Account Register (ISBAR) is Ireland’s Safe Deposit Box, Bank and Payment Accounts Register. ISBAR will be established and operated by the Central Bank of Ireland, on behalf of the State, to ensure full transposition of Directive (EU) 2015/849 (as amended). The purpose of ISBAR is to hold information on accounts identifiable by IBAN (including account holders, beneficial owners and signatories), and information on safe deposit box services provided by credit institutions in Ireland, and to enable legally prescribed authorities to search and retrieve information.

It is anticipated that in the first quarter of 2023, financial institutions, including credit unions, will be obliged to send certain information on our member accounts to the Register. The information that we will be required to send includes the IBAN, account name, date of account opening, date of account closing; the name, address and date of birth of the account holder; the name, address and date of birth of the beneficial owner of the account; and the name, address and date of birth of any person authorised to act on the account.

Further information (including the Central Bank’s Data Privacy Notices) can be found at https://www.centralbank.ie/regulation/anti-money-laundering-and-countering-the-financing-of-terrorism/ireland-safe-deposit-box-bank-and-payment-accounts-register-(isbar)