It’s official: as of September 27th 2020, UBO's have to be registered in the new UBO-register. Maintaining a UBO-register is an obligation for all member states of the European Union and contributes to the fight against money laundering and terrorist financing. In previous blogs we have discussed the content of the UBO. In this blog we will discuss the practical implementation.
10 Sep 2020
What does this mean in practice?
The live-course of the UBO-register has a number of consequences. Of course, UBOs must be registered, but with the registration documents must be submitted as proof. In this way no incorrect information can occur in the register.
Public and non-public data
The data in the register is accessible to persons with a valid registration and authorized organizations for a fee of €2.50. A distinction is made in the register between public and non-public data. Only the Financial Intelligence Unit (FIU) and other authorized organizations have access to both types of data and can conduct a personal search in the registry. Other persons only have access to public information and can search by organization name only.
And what about the data of the body requesting the information? These are registered by the Chamber of Commerce (KvK), but are not accessible to the UBO. The UBO does have insight into the frequency. Furthermore, it is not possible to request large amounts of data at once from the register, to prevent abuse.
The registration of UBO's is mandatory and must be completed by March 22, 2022 at the latest. In the event of failure to do so, legal consequences in the form of criminal or administrative sanctions will apply. Minor violations will result in administrative sanctions. Heavier violations will be regarded as economic offences with criminal sanctions. It is therefore of great importance that you complete the UBO registration in a timely and accurate manner.
KAS BANK N.V. has been part of CACEIS since September 2019. CACEIS is a European specialist for the custody and administration of securities and high-quality risk and reporting services. We focus entirely on providing securities services to professional investors in the pensions and securities world. The acquisition of KAS BANK N.V. strengthens CACEIS' position in the Netherlands, Germany and the United Kingdom. Our combined product range makes us market leader in custody services and fund administration in Europe. CACEIS is part of Crédit Agricole, the world's largest cooperative financial institution.