Understanding the necessity of compliance, privacy and clear answers to your questions
Ultimate beneficial owners (“UBOs”), either based in the Netherlands, Luxembourg or elsewhere, and companies and other legal entities incorporated/established under the laws of the Netherlands or registered in the Luxembourg Registre de Commerce et des Sociétés are faced with new obligations in a joint effort of the EU Member States to fight anti-money laundering and financing terrorism. With the implementation of the AMLD4 and AMLD5 directives, registration in the UBO register has become mandatory in Luxembourg and shall become mandatory in the Netherlands in the second half of the year 2020. This has serious consequences for millions of companies and other legal entities and their UBOs.
Our highly-experienced team and cross-border approach will help you navigate the complexities.
Innovative and creative where needed, efficient in all circumstances
Apart from maintaining a private/internal register, those who own, are managing directors of, or are in charge with the day to day business of companies and other legal entities, shall be obliged to register certain UBO information in the UBO register and to keep the UBO register up to date and complete.
UBOs are required to provide companies and other legal entities with the information that they need to register in the UBO register. (Financial) organizations that are required by law to obtain UBO information for KYC purposes shall be obliged to report the Dutch Chamber of Commerce of any inconsistencies found between the UBO information registered in the UBO register and UBO information that they received from other sources.
Non-compliance is deemed subject to effective, proportionate and dissuasive measures or sanctions.
Our clients – UBOs, family offices, ANBIs, (state-owned and listed) companies and other legal entities as well as (financial) organizations that are required by law to obtain UBO information for KYC purposes – value our in-depth knowledge, personal attention, innovative and creative (cross-border) approach while we ensure compliance in the most efficient way.
On 27 September 2020 the act registration ultimate beneficial owners of companies and other legal entities (implementatiewet
Earlier we informed you that the UBO-register should have
In our previous alert we informed you that the Dutch UBO-register was expected to become operational on 10 January 2020.