On 18 May 2020, the Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) published its answer to the consultation on Registration Implementation Act ultimately stakeholders of trusts and similar legal arrangements.
18 Jun 2020
In order to prevent criminals from hiding behind legal structures, it is essential to have up-to-date information from the ultimate beneficial owner (UBO) of a trust. In their role as gatekeepers, banks should therefore have full access to the information from the UBO register for trusts.
That writes the Dutch Association of Banks (NVB) in response to the consultation of the implementation law registration ultimately interested parties of trusts and similar legal constructions.
The NVB previously also argued for full access to the UBO register for companies. Investigative authorities, but also banks in their role as gatekeepers, can then use that information to combat money laundering and fraud. However, in the current bill, the Dutch legislator has chosen to give reporting institutions, including banks, only partial access to the information from the register.
However, given their gatekeeper function, the banks have a special role in preventing money laundering and terrorist financing. In order to efficiently comply with, for example, the Sanctions Act and the screening of names against sanctions lists, it is necessary that the banks also have access to data on the place of birth, country and day instead of just the month and year.
This article was originally published in the May edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom