Since this year, organizations are required to register their Ultimate Beneficial Owners (UBOs) in the UBO register. But due to terrorism, as an entrepreneur, you also need to verify the UBOs of your customers and suppliers. Here are ten things every entrepreneur should know about UBOs.<\/p>\n
UBO stands for Ultimate Beneficial Owner<\/i>. In other words, the ultimate beneficiaries of an organization. These are people with more than a quarter of the shares in a limited company or an interest in a general partnership.<\/p>\nWhy the UBO?<\/h2>\n
The UBO requirement stems from the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). As the Tax Authority states: this type of crime disrupts the economy and society. Therefore, the Tax Authority wants to make money laundering and terrorist financing more difficult.<\/p>\n
Since this year, companies are required to register a UBO or UBOs in the so-called UBO register. \u201cBut as an organization, you also need to ensure you know who you are doing business with,\u201d says Hans-Peter Vloemans, Managing Director of CreditDevice International<\/a><\/strong>. \u201cYou need to know if you are doing business with a terrorist or someone linked to terrorism.\u201d<\/p>\n The process of \u2018who are you doing business with\u2019 is also known as Customer Due Diligence<\/i> (CDD) or Know Your Customer<\/i> (KYC) and consists of three parts:<\/p>\n According to Vloemans, the actions to take are not fixed. \u201cFor example, it is not necessarily stated that you cannot do business. Sometimes there is a reporting obligation. But generally, as an entrepreneur, you want to stay far away from terrorism.\u201d<\/p>\n Yes, says Vloemans. \u201cEspecially if you do business internationally.\u201d But even in the Netherlands, it can be quite complicated. Sometimes business structures consist of ten layers: limited companies, holdings, and an administrative trust foundation on top. \u201cTry finding out who the UBOs are then.\u201d \u201cIf you need to do a UBO check multiple times a year, you want to automate it,\u201d says Vloemans. CreditDevice can check an organization\u2019s customer base. \u201cIf we already have a connection with the accounting package, we can automate this process. If not, an organization can provide a customer list, for example via Excel.\u201d CreditDevice checks who the UBOs are and can verify whether these UBOs are on international lists.<\/p>\n That is possible; there is not always a UBO. \u201cFor example, because the shareholder is a bank or investment fund,\u201d says Vloemans. Or if the shares are fragmented. \u201cSuppose there are ten people each holding ten percent of the shares, then there is no UBO. In that case, we indicate who the stakeholders are and what their background is.\u201d<\/p>\n The need for automation is more present in larger companies. \u201cFrom a thousand relationships or more,\u201d says Vloemans. \u201cIt quickly takes a few hours per customer to get relevant information, and from a thousand customers, it takes serious time. Then automating is cheaper anyway.\u201d Moreover, software<\/a><\/strong> provides better insight. \u201cIf you need to repeat the UBO process periodically, you mainly want to know about changes. So you can take action on them.\u201d Since this year, organizations are obligated to register their Ultimate Beneficial Owners (UBOs) in the UBO register. However, due to terrorism, as an entrepreneur, you must also verify the UBOs of your customers and suppliers.<\/p>\n","protected":false},"author":4,"featured_media":16591,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"page_builder":"","footnotes":""},"categories":[297],"tags":[284],"alle-categorieen":[],"blogs-nieuws":[],"class_list":["post-29837","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-en","tag-credit-information"],"_links":{"self":[{"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/posts\/29837","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/comments?post=29837"}],"version-history":[{"count":0,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/posts\/29837\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/media\/16591"}],"wp:attachment":[{"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/media?parent=29837"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/categories?post=29837"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/tags?post=29837"},{"taxonomy":"alle-categorieen","embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/alle-categorieen?post=29837"},{"taxonomy":"blogs-nieuws","embeddable":true,"href":"https:\/\/creditdevice.com\/en\/wp-json\/wp\/v2\/blogs-nieuws?post=29837"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}How do you determine the UBO?<\/h2>\n
\n
What if a UBO is on a sanction list?<\/h2>\n
Is it complicated to determine the UBOs?<\/h2>\n
\nThe Financial Supervision Office (BFT) can then come knocking. Certain professions are under extra scrutiny: banks, insurers, financial advisors, lawyers, and notaries. Those who do not comply with the rules can expect a fine from the supervisor. What also plays a role nowadays is reputational damage. Several companies have come into the news negatively this way in recent years.<\/p>\nHow can CreditDevice help?<\/h2>\n
What if there is no UBO?<\/h2>\n
For which companies is the UBO service interesting?<\/h2>\n
\nWant to know how much you can save with CreditDevice\u2019s UBO service? Contact CreditDevice now without obligation.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"