Senate approves UBO register

The Senate approved the bill establishing a UBO register on Tuesday. This register was scheduled to take effect on January 10, 2020. This deadline was not met. The date on which the UBO register will actually take effect is not yet known.

Under the Fourth and Fifth Anti-Money Laundering Directives, EU Member States were required to establish a partially public UBO register by January 10, 2020. This register records the ultimate beneficial owners (UBOs) of legal entities such as companies, foundations, and associations—but not owners' associations. In the Netherlands, legal entities subject to UBO registration must submit their UBOs to the Dutch UBO register maintained by the Chamber of Commerce (KvK). The House of Representatives passed the bill on December 10, 2019.