The UBO check (only available for Dutch companies)
Determine the UBO (Ultimate Beneficial Owner) or possible UBO within minutes, with the SCOPE CDD On Demand solution.
Determine the Ultimate Beneficial Owner (UBO)
UBO stands for ‘Ultimate Beneficial Owner’. An institution that is subject to the AMLD is obliged to determine the identity of the UBO. The reason that a UBO must be determined is to prevent that you do business – unwittingly – with natural persons who have malicious intentions, such as money laundering, and wish to hide behind a legal person.
There are several criteria to qualify a person as a UBO. These criteria are: having ultimate ownership or ultimate control of a legal person through the holding of shares, voting rights, ownership interest or other means.
Once you have identified a UBO, it is important to screen the UBO. You must perform a compliance check to find out whether the UBO poses a higher risk of money laundering or financing of terrorism.
How can SCOPE CDD On Demand help you with this?
Enter a company name and/or place of business or Chamber of Commerce number.
The CDD On Demand solution obtains the company structures and contacts.
You will receive a (possible) UBO and company structure, which you can verify with your client.
Example of a UBO report of the CDD On Demand solution. The names and companies are fictional.
When is someone a UBO?
According to the Dutch tax authorities, a UBO is a natural person who:
- has an interest of more than 25% in the capital of the legal person;
- can exercise more than 25% of the voting rights in the general meeting;
- is a beneficiary of more than 25% of the assets of the legal person.
Sources for the UBO investigation
The CDD On Demand UBO check attempts to find out who the UBO is behind a company. The UBO check automatically requests extracts from the Chamber of Commerce. These extracts are analysed, and the persons and companies involved are identified. When the company structure is clear, the solution attempts to determine which person or persons are the UBOs.
The results of the research comprise natural persons and related companies.
This service is only available for Dutch companies. If the search leads to a company outside the Netherlands, an attempt is made to indicate a so-called ‘UBO connection’. This is the person most likely to know who the UBO is.