Fourth Anti-Money Laundering Directive
The obligation to establish UBO registers derives from the Fourth Anti-Money Laundering Directive (Vierde Anti-Witwasrichtlijn), as amended by the Fifth Anti-Money Laundering Directive.
Who is a UBO (or pseudo-UBO)?
According to the directive, a UBO is a natural person who ultimately owns or controls the corporate or legal entity. An entity can have more than one UBO. If, after having exhausted all possible means and provided there are no grounds for suspicion, the UBO cannot be determined under these rules, or there is any doubt regarding the identity of the UBO, the senior management of the entity will be considered its UBO(s) (this is known as a "pseudo-UBO").
Obligation to register UBO information
Companies and other legal entities are obliged to register and maintain information about their UBOs in the national UBO registers. This information includes details such as the UBO's name, date of birth, nationality, state of residence, and the nature and extent of the economic interest held by the UBO.
The information required to be registered, and the conditions under which a natural person can be considered a UBO, differ between EU Member States. To guide you through these requirements and conditions, we have created the Stibbe UBO Webtool.
In addition to containing all latest developments on the UBO register, we have made the laws and regulations regulating UBO registrations in Belgium, Luxembourg and the Netherlands transparent by creating a tailor-made questionnaire. This will help you discover which natural persons can be assigned as UBO for your organisation in the relevant jurisdiction. It also explains what information must be registered in the UBO register in these three Member States.
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