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Since 2019, European companies are obliged to register their ultimate beneficiaries (UBOs) in a central register and indicate who is in control. For example, they help combat terrorist financing and money laundering. Thanks to the register, banks can, for example, more easily check whether money originates from criminals.
Registration in the UBO register is mandatory for all Belgian companies, but also for non-profit organisations, foundations, trusts and similar entities. If your company falls under one of these categories, the UBOs of your company must be registered.
Het centraal register voor uiteindelijke begunstigden (ook wel UBO-register genoemd) vormt een belangrijke schakel in de strijd tegen witwassen en financiering van terrorisme. Het register bevat naam, geboortedatum, nationaliteit, adres en rijksregister- of ondernemingsnummer van de UBO's van een vennootschap, vereniging, stichting of trust.
Attention: Since 11 October 2020, it is no longer sufficient for companies and non-profit organizations to register their beneficiaries in the UBO register. Additional documents are required to demonstrate that the information in the register is correct and up to date.
Criminals and terrorists sometimes hide behind companies, non-profit organizations and foundations to launder money or channel it to terrorist organisations. The central register for ultimate beneficiaries (also known as the UBO register) is an important link in the fight against this.
The register contains the name, date of birth, nationality, address and national register or company number of the UBOs of a company, association, foundation or trust.
If banks suspect that suspicious transactions are taking place on a company's account, they will report this to the public prosecutor's office. They also look at the beneficiaries of the payments. This is not new in itself: even before the launch of the register in 2018, banks identified the beneficial owners of their customers. Until then, however, they only did this for their own customers.
Thanks to the central character of the register, suspicious transactions can now be traced much more easily and quickly. The register is primarily open to anti-money laundering authorities. In addition, the tax authorities, notaries, lawyers, real estate agents and accountants will have access. Private individuals also have access, although this is limited to basic information, such as names.
Since its launch at the end of 2018, about half a million companies have registered their beneficiaries.