On 10 December 2019, the House of Representatives passed the bill that will establish the UBO register in the Netherlands.
UBO
The UBO register records, for each legal entity, who the Ultimate Beneficial Owner is. Or, to put it simply: who the ultimate beneficial owner is. We describe the bill in our article The UBO register is definitely going ahead.
Under the European Fourth Anti-Money Laundering Directive, the Netherlands is obliged to introduce a UBO register. The UBO register must be operational by 10 January 2020. Companies incorporated from that date onwards will be entered directly into the UBO register. Existing companies have 18 months to register.
Amendments
The House of Representatives has amended the bill in two respects. The exemption for religious communities has been removed. Furthermore, the House is introducing additional safeguards regarding access to the UBO register and is enhancing the security and privacy of the UBO.
Access to the UBO register is granted only to individuals who have provided proof of their identity in advance. In addition, UBOs will be able to see how many times they have been looked up in the UBO register.