The Netherlands has adopted a law on the register of beneficiaries
The Dutch Senate has passed a law on the introduction of the register of ultimate beneficiaries of owners of legal entities (UBOs). The new register will contain all personal information about the ultimate beneficial owners of legal entities in the Netherlands. Such innovations are a clear echo of the recent changes in the AML policy of Europe.
In the Netherlands, the register will be part of the Chamber of Commerce and Industry's trade register. Some information about the beneficial owner will be available to the public. Within 18 months after the creation of the register, companies will have to enter all information about their beneficiaries into the register.
Who should enter the data on the beneficial owners in the register?
The companies listed below will have to register beneficiary data (UBOs) in the new registry:
• Private Limited Liability Companies (BVS) and Public Companies (NVS)
• Cooperatives, mutual insurance funds and associations
• European Public Companies (SE)
• European Cooperative Societies (SCE)
Non-resident companies in the Netherlands are not required to submit information about their UBOs to the Dutch UBO registry, even if they operate or have a branch in the Netherlands. Listed companies that are subject to certain disclosure requirements are also not required to provide information about beneficiaries.
What awaits companies subject to the new law?
Organizations that are required to provide information to UBO are required to ensure that the information in the UBO register is adequate, accurate and up-to-date. UBOs are obliged to comply with and provide all relevant information that organizations need to comply with the requirements of the new legislation.
Competent authorities (such as banks, lawyers, civil notaries, accountants and tax inspectors) are required to report any discrepancy between the information contained in the register and the information they have about the real owners of companies.
Violation of the above obligations is considered an economic crime, which may be subject to criminal or administrative punishment. In addition, a fine for non-compliance can be imposed as a corrective sanction. If such a violation was committed intentionally, then criminal sanctions may include imprisonment for a term not exceeding two years, punishment in the form of imprisonment in a general regime colony or an administrative fine.
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