MultiSafepay is legally required under the Wwft to establish and verify the identity of each merchant enterprise’s ultimate beneficial owners (UBOs).
The Wet ter voorkoming van witwassen en financieren van terrorisme (WWFT), or Money Laundering and Terrorist Financing Prevention Act, prevents companies and individuals from laundering money or financing terrorist activity. It was based on the Disclosure of Unusual Transactions or Financial Services Act, but goes one step further. It focuses on both individuals involved in suspect transactions and the risk of such transactions.
For more information, contact your account manager or email the Risk Team at [email protected]
A UBO is a natural person who directly or indirectly holds an equity interest in or exercises control of the enterprise. Most commonly, an individual holds an equity interest of 25% or more of the shares or capital of the enterprise, or exercises:
If the enterprise consists of a number of (intermediate) holding companies, then the UBO(s) are all the individuals who, through various companies, have 25% or more control of the underlying enterprise.
Enterprises are not required to have a UBO. For example, if an enterprise has five owners with an equal distribution of capital and control, none of them owns 25% or more of the enterprise.
The limited company Good Ltd has a sole shareholder: Better Ltd. The shares of Better Ltd are held equally by two other limited companies:
Anders Ltd. which has two equal shareholders: Mr A. Jansen and Ms B. Jansen - de Jong
Best Ltd. which has one sole shareholder: Ms D. Best
The three ultimate beneficial owners are therefore:
Provide the details of all UBOs in the Statement of ultimate beneficial owner form. Upload in your MultiSafepay account color copies of the identity documents of all UBOs.