{"id":14113,"date":"2020-10-15T14:54:00","date_gmt":"2020-10-15T14:54:00","guid":{"rendered":"https:\/\/devalt-kambatiag.savviihq.com\/?p=14113"},"modified":"2023-09-12T14:33:26","modified_gmt":"2023-09-12T12:33:26","slug":"the-ubo-and-the-ubo-register-what-were-the-rules-again","status":"publish","type":"post","link":"https:\/\/www.altares.be\/en\/blog\/compliance\/de-ubo-en-het-ubo-register-hoe-zat-het-ook-alweer\/","title":{"rendered":"The UBO and the UBO register: What were the rules again?"},"content":{"rendered":"

Back to basics: What is a UBO? Let\u2019s start at the beginning. A UBO is an \u2018ultimate beneficial owner\u2019. An ultimate beneficial owner is, in principle, a person who ultimately owns or controls more than 25% of the shares or voting rights of a company, or otherwise exercises control over the company or its management.<\/p>\n\n\n\n

\"man<\/figure>\n\n\n\n

UBO-identification<\/h2>\n\n\n\n

Not everyone wants to be identified as a UBO. Criminals, for example, deliberately make use of the opacity of company forms to hide their identity and the real purpose of the organization. The reason for this may simply be old-fashioned tax evasion, but it may also be to prevent the authorities from detecting crime, such as money laundering or bribery and corruption. Or even worse, it could be a cover for terrorist activities.<\/p>\n\n\n\n

Whatever the reason, as an organization you want to comply with legislation, but above all you want to protect your reputation and limit risks. If your business is associated with crime, corruption or money laundering, your reputation is at risk, customers might avoid you and business partners may no longer want to cooperate.<\/p>\n\n\n\n

Understanding structures with help of data<\/h2>\n\n\n\n

Identifying a UBO and exposing criminal activities<\/a> at business partners is therefore not only a legal obligation, but also necessary to protect your organization. However, unpicking an entire UBO structure is not an easy job. In our paper \"Understanding UBO structures<\/a>\"we help you better understand the complexities of legal beneficial ownership structures. The paper also provides insight into how data and analytics can improve the speed and accuracy of UBO identification and how you as an organization can benefit from improved knowledge management, in order to free up resources for other purposes.<\/p>\n\n\n\n

What about the UBO register?<\/h2>\n\n\n\n

The UBO register is covered by the Trade Register Act and is administered by the Chamber of Commerce. The purpose of the UBO register is to combat cases of financial and economic crime. One example is money laundering. Since 27 September 2020, organizations have to register their UBOs. If you do not register your UBOs on time, fines or penalties will be imposed.<\/p>\n\n\n\n

In the Netherlands, the following legal entities are obliged to register their UBOs:<\/p>\n\n\n\n