About the UBO register
- 9 May 2023
- 1 min
- Managing and growing
In the Netherlands, most organisations must list their UBOs in the UBO register. Ultimate Beneficial Owners, or UBOs for short, are the people who ultimately own, or control, an organisation. The Netherlands Chamber of Commerce KVK has set up the UBO register to keep track of the UBOs of Dutch organisations, but why was the register created?
The register is a product of European rules and regulations that require every EU member state to have a UBO register. The UBO register is linked to the Business Register, a Dutch Key Register (Digital Overheid website, in Dutch) managed by KVK.
The UBO register helps to prevent money laundering and terrorist financing. For instance, financial institutions are required to check the UBO register to see who the UBO of an organisation is before making a sales transaction, conducting a brokerage assignment, or entering into a business agreement. In addition, the UBO register helps investigative agencies track criminal activities such as money laundering, tax evasion, and fraud.
This is why it is important that the information in the UBO register is accurate and up to date.
KVK and the UBO register
KVK is tasked with managing the UBO register, but this task consists solely of reviewing the consistency of UBO registrations. Although KVK is authorised to list businesses in the Business Register, it is not able or authorised to weigh in on who an organisation’s UBO may be. Organisations are themselves responsible for disclosing their UBOs on time, correctly and in full.