The UBO check (only available for Dutch companies)
Find out the UBO (Ultimate Beneficial Owner), or the potential UBO, within minutes using the SCOPE CDD On Demand solution.
Within one minute you will receive a report that provides insight into the company structure, and an indication of the UBO or a prediction of the possible UBO.
How can SCOPE CDD On Demand help you find the UBO?
CDD On Demand offers an online platform through which the Chamber of Commerce registrations of your client can be requested. You enter a company name and location, or the Chamber of Commerce number, and CDD On Demand finds the (possible) UBO. Within one minute you get an overview of the company structure, in which the CDD On Demand solution indicates;
- which person is the UBO.
- which person(s) might possibly be the UBO.
- which person(s) can lead you to the UBO.
When you are in a meeting with a client, you can immediately verify the company structure with the help of CDD On Demand.
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.
The Ultimate Beneficial Owner (UBO)
UBO stands for “Ultimate Beneficial Owner” and Dutch. An institution subject to the AMLD is obliged to find out the identity of the UBO. The reason that a UBO must be established is to prevent - unknowingly - doing business with natural persons who have malicious intentions (such as money laundering) and who want to hide behind a legal person.
There are several criteria on which a person is classified as an UBO. These criteria concern the holding of ultimate ownership or ultimate control of a legal entity through the holding of shares, voting rights, ownership interest or other means.
Once you have identified an UBO, it is important to screen them. You must perform a compliance check to find out whether the UBO poses a higher risk of money laundering or financing of terrorism.
When is someone considered to be an UBO?
According to the Tax Authorities, a UBO is a natural person who:
- has an interest of more than 25% in the capital of the legal entity;
- can exercise more than 25% of the voting rights in the general meeting;
- is the beneficiary of more than 25% of the assets of the legal entity.
Sources for the UBO investigation
CDD On Demand's UBO check tries to find out who the UBO is of a company. The check automatically requests extracts from the Chamber of Commerce. These extracts are analyzed and the persons and companies involved are identified. When the structure is clear, an attempt is made to determine which person (or persons) is / 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.