A UBO (Ultimate Beneficial Owner) declaration is a formal document in which the identity of the ultimate beneficial owners of a company or legal entity is disclosed. The UBO is the person or persons who ultimately own or control more than 25% of the entity, whether directly or indirectly. Direct control is issued through the UBO personally, where indirect control implies that the UBO controls the entity through ownership of another entity, such as a financial holding.
How to fill in a UBO declaration
The UBO declaration for your entity should be filled in by every person who controls more than 25% of the entity, regardless of whether they issue direct or indirect control. When completing a UBO declaration, the following fields must be filled in:
Personal identification
This details the personal information of the UBO(s), including the following fields:
Full name
Date of birth
Place of birth
Nationality
Extent of their ownership or control in the entity
Details of the entity
Contains details to identify the entity for which the UBO declaration is issued, including the following fields:
Full name of the entity
Unique identification number (KVK number)
Address at which the entity holds a registered office
Ownership structure
Details regarding the ownership structure, showing how the UBO exercises control (e.g., through shares, voting rights, or other means).
Providing an UBO declaration
If you are asked to provide a UBO declaration, it is recommended to send the UBO form from the Dutch Chamber of Commerce (KVK). If you cannot find it, you can fill out and sign a form here. This form can be completed online, saved, and (digitally) signed. Afterwards, it can be submitted to the document upload portal that is available in the web app.
Why is it necessary?
Financial institutions are bound by rules and regulations that govern their operations. An UBO declaration is necessary to comply with the legal requirements surrounding the collection of UBO information under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), and upholding the standards of the Financial Action Task Force (FATF).
By providing a UBO declaration, we can clearly identify the individuals who ultimately own or control the business. This transparency helps us prevent misuse of financial systems for illicit purposes. By understanding the ownership structure of businesses, we can better assess the risk involved and ensure we are providing services to reputable customers. This also helps in protecting the integrity of the financial system.