MultiSafepay is legally required (Wwft) to establish and verify the identity of the Ultimate Beneficial Owners.
An Ultimate Beneficial Owner is the natural person that holds direct or indirect a certain equity interest or exercises control of the company. An Ultimate Beneficial Owner is also referred to as an UBO.
This occurs typically in the following situations:
To clarify matters we have the following example: * 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. - has two equal shareholders: Mr. A. Jansen Ms. Jansen
Best ltd. - has one sole shareholder: Ms. D. Best
The three Ultimate Beneficial Owners are therefore: * Mr. A. Jansen * Ms B. Jansen - de Jong * Ms. D. Best
The details of all Ultimate Beneficial Owners are to be provided in the form ‘Statement of Ultimate Beneficial Owner’. The color copy of the identity documents of these individuals needs to be uploaded in the account.
If the enterprise consists of a number of (intermediate) holding companies, then the Ultimate Beneficial Owner information will pertain to the final owner of these companies. The Ultimate Beneficial Owner(s) are all those who, through various companies, have 25% or more control of this underlying company.
No, within the definition under the law it is possible that an enterprise does not have an Ultimate Beneficial Owner. For instance in the case that an enterprise has five owners with an equal distribution of capital and control. Each of the owners in this case has does not have 25% of more of the ownership.
For more information please contact your account manager or our Risk Team via [email protected]