In accordance with the requirements of the European Union Fourth Anti-Money Laundering Directive, which was enacted on 25 June 2015 and replaced the previous Third Directive, each EU member-state must establish a central UBO’s Register no later 26 June 2017.
UBO represents an ultimate beneficial owner. Simply put, the UBO is the natural person who, albeit behind the scenes, is “pulling the strings” within a company or other legal entity. In the Netherlands the Ministry for Security and Justice, the Ministry of Finance and the Ministry of Economic Affairs are responsible for legislative framework of the future Central UBO Register. In its explanatory notes the designated Ministers introduced the following key points of the Dutch Central UBO Register.
- UBO entities to be included in the central UBO Register.
It is agreed, that the Dutch Central UBO Register will contain information on all UBO’s whose entities are subject to a mandatory registration in the Register of the Chamber of Commerce of the Netherlands in accordance with the law. Amongst these entities are: besloten vennootschap, naamloze vennootschap, stichting, vereniging, rederij, maatschap, vennootschap onder firma, commanditaire vennootschap, coöperatie, kerkgenootschap, vereniging van eigenaars, onderlinge waarborg maatschappij, Europese naamloze vennootschap (SE), Europese coöperatieve vennootschap (SCE), other private legal entities, including entities registered under the laws of a foreign country. It is worth to mention, that the Ministers do not plan to extend the list of entities to trusts and alike arrangements in terms of common law.
- Who will have an access to the Central UBO Register.
It is decided to make the Dutch Central UBO Register a public open source for all natural and legal persons. It means that any person will have an access to consult the Central UBO Register. In order to secure minimum requirements to protection of personal data, it is proposed to establish the following rules of access:
- Every person who desires to consult the Central UBO Register will be obliged to register on the web-site of the Central UBO Register;
- Every excerpt from the Central UBO Register will be delivered against a fee;
- The registered users of the Central UBO Register, excluding the specially designated authorities, will have an access to a limited set of personal data of the UBO;
- In some cases, based on the outcome of a preliminary investigation and advice of the relevant authority, the personal data of a particular UBO will be protected from common access.
- What information regarding an UBO will be seen in the Central UBO Register.
Within a ‘common access’ regime the ordinary user of the Central UBO Register will only get access to the following information:
- Month and year of birth;
- Place of domicile;
- Information on the nature and extent of economic interests held by a UBO.
Besides the information provided within a regime of a ‘common access’, the specially designated authorities, such as Tax Authority, Custom Service, the Central Bank of the Netherlands, Police and others, will be granted an access to the following additional information:
- Date, place and country of birth;
- BSN or TIN (a foreign taxpayer identification number);
- Information about the ID or passport or alike document (number, date and place of issuance) or a copy of such document;
- Documents which prove the nature and extent of economic interest held by the UBO.
- Who will be obliged to submit information to the UBO Register.
The legislators oblige the entity and UBO personally to collect and submit to the Central UBO Register correct, actual and trustworthy information about themselves. Besides that, the reporting entities will be obliged to report to the authority, which administrates the UBO Register, the differences in data stated in the UBO Register and known to a particular reporting entity. In addition, a UBO personally will have a right to check his data in the UBO Register and to request the authority in charge to make changes and correct mistakes, if needed.
- Authority in charge and the future of the Central Shareholders’ Register (CAHR).
The Ministries proposed to authorise the Chamber of Commerce of the Netherlands to administrate the UBO Register. It is rather a standard solution as many EU member-states also decided to delegate this task to their respective Chambers of Commerce.
It is important to clarify that the Central UBO Register is not the same as the Central Shareholders Register (Centraal Aandeelhoudersregister – CAHR). Obviously, the difference is that a shareholders register will collect information on the shareholders, both natural and legal persons, which are not always the ultimate beneficial owners. Such shareholders register will provide an essential information on the relevant corporate structure, but it may not always contain information on those who have actual control over a particular corporate structure.
In relation to the idea of establishing the Central Shareholders’ Register (CAHR) in the Netherlands, the Ministries opine that, even though it is considered to be a very important and functional source of information for the purposes of combatting the money laundering and terrorism financing, the implementation of it has to be postponed until the Central UBO Register will be established. The priority is thus given to the Central UBO Register in compliance with a mandatory requirement of European law which prescribes to make the central UBO registers all over the EU first.
If you have any questions regarding this topic, don’t hesitate to contact Julia Konakova from the Russian Desk of Amice Advocaten on email@example.com
 Richtlijn 2015/849 van het Europees Parlement en de Raad van 20 mei 2015 inzake de voorkoming van het gebruik van het financiële stelsel voor het witwassen van geld of terrorismefinanciering, tot wijziging van Verordening (EU) nr. 648/2012 van het Europese Parlement en de Raad en toe intrekking van Richtlijn 2005/60/EG van het Europees Parlement e de Raad en Richtlijn 2006/70/EG van de Commissie (PbEU 2015, L 141).
 Brief van de ministers van Veiligheid en Justitie en Economische Zaken betreffende “Contouren UBO-register” d.d. 10 februari 2016
 Handelsregisterwet 2007.
 De Nederlandsche Bank, Autoriteit Financiële Markten, Bureau Financieel Toezicht, Bureau Toezicht Wwft, Kansspelautoriteit, Order van Advocaten, Belastingdienst, Douane, Politie, Openbaar Ministerie, Fiscale inlichtingen- en opsporingsdienst, Dienst Justis, Bureau Bibob, Algemene inlichtingen- en veiligheidsdienst, Militaire inlichtingen- en veiligheidsdienst, Inspectie Sociale Zaken en Werkgelegenheid, NVWA-inlichtingen- en opsporingsdienst en FIU-NL.
 The reporting entities are banks, insurers and underwriters, investment funds, accountants, notaries, lawyers (advocaten), brokers and estate agents, etc.