AMSTERDAM – 6 July 2023 – Greenberg Traurig, LLP Amsterdam Shareholder Hans Urlus, Associate Maquina Lamé, and Compliance Specialist Rabia Simsek authored a practice note covering the registration and maintenance of the Ultimate Beneficial Owner (UBO) Register in the Netherlands. The article was originally published in Thomson Reuters Practical Law.
The note explains which Dutch entities need to register and maintain information on their UBOs in the UBO Register as well as the requirements and deadlines for such registration. The note also explains which entities are required to register and maintain UBO information in the Trust Register. The Dutch Chamber of Commerce (CoC) has been appointed to maintain UBO registration details in the UBO Register and Trust Register, both of which are a part of the Trade Register which is upheld by the CoC on behalf of the Dutch Ministries of Finance and Justice & Security.
The obligation to set up and maintain a UBO Register became effective 27 September 2020 and stems from the Fourth Money Laundering Directive ((EU) 2015/849) (4MLD), as amended by the Fifth Money Laundering Directive ((EU) 2018/843) (5MLD). The UBO Register aims to prevent the financial system from being used to launder money or finance terrorism.
The practice note discusses:
- The obligation of Dutch entities to register and maintain information on UBOs in the UBO Register and the obligation of trusts to register and maintain information on their UBOs in the Trust Register.
- Who qualifies as a UBO.
- What UBO information must be registered and where.
- Reporting obligations of institutions that are subject to the anti-money laundering obligations where there are discrepancies found in their onboarding process compared to registered information. (This note does not cover regulators’ obligation to report such discrepancies.)
- How to apply to shield or protect UBO information from public access.
Read the full article about the Dutch register of ultimate beneficial owners at this link.
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