July 8th 2020 was the starting date for entities incorporated or founded in the Netherlands to gather information on their UBOs, and for Dutch foundations to form their internal register of distributions. In fact, following local implementation of the 5th AML European Directive, each corporate or other entity incorporated or founded in the Netherlands will have to obtain and register information of those subjects which exercise control over the entity or are its ultimate beneficial owners.
Within the scope of the legislation fall all Dutch companies, partnerships and other entity types, as well as European entities incorporated or founded in the Netherlands, including those incorporated or founded in another country but having their domicile in the Netherlands following a cross-border migration.
The UBOs central register (which is part of the Dutch Chamber of Commerce) will be officially active from September 27th 2020, granting pre-existing companies a 6 months time to fulfill their registration duties. Newly formed entities will instead have to register their information within a week from incorporation, being it a prerequisite to obtaining a registration number from the Chamber of Commerce.
Not being able to meet these new requirements may result in administrative or criminal liability.
SOURCE: STEP News