Ultimate beneficial ownership registration in the Netherlands one step closer
The Dutch government is consulting the public about proposed legislation on registration of ultimate beneficial ownership (UBO). The legislation aims to implement the Fourth Anti-Money Laundering Directive. The consultation period ends on 28 April 2017. Under the proposed legislation, personal data on UBOs must be entered in the Dutch Trade Register.
Some personal information on the UBO will be publicly available: name, month and year of birth, nationality, residence status, and type and size of the UBO’s interest in the company. However, other personal details (for example, the UBO’s address) can only be accessed by national authorities such as the Dutch Revenue Service. Data on minors and those incompetent to handle their affairs can be partly protected if so requested.
This legislation is expected to become effective on 1 January 2018. This means that registration of UBOs needs to be finalised on 1 July 2019, at the latest.
The additional information that national authorities have access to also includes the UBO’s date and place of birth, home address, tax numbers, passport or other identification documents, and proof of UBO status.
All companies registered at the Dutch Trade Register must comply with the legislation and register at least one UBO. There are limited exceptions to these registration duties. The responsibility to register the UBO lies with the owner of the company, the managing directors, or the person responsible for the day-to-day business.
Click here for the Fourth Anti-Money Laundering Directive and here for the consultation document (in Dutch only).