AMSTERDAM – 22 February 2021 – Greenberg Traurig, LLP Amsterdam Shareholder Hans Urlus and Associate Maquina Lamé authored a Practice Note on the implementation of the Ultimate Beneficial Owner (UBO) register in the Netherlands. The article was originally published on Thomson Reuters Practical Law.
The note explains the implementation of the Dutch register of ultimate beneficial owners. A UBO is a natural person who is the ultimate owner of, or who exercises ultimate control over, entities or assets. The UBO register aims to enhance corporate transparency to help prevent the financial system from being misused for purposes of money laundering or terrorism financing.
The note covers:
- the obligation to register and maintain information on UBOs and which entities must comply with it;
- registration requirements for UBO information;
- reporting obligations to the UBO register regulators where a service provider that is subject to AML compliance in its investigations finds there are discrepancies in registered information; and
- applications to shield or protect UBO information from public access.
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