MultiSafepay is legally required (Wwft) to establish and verify the identity of the Ultimate Beneficial Owners.
What is an Ultimate Beneficial Owner?
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: * An individual holds an equity interest of 25% or more of the shares or capital of the enterprise; or * Exercises 25% or more of the voting rights; or * Exercises de facto control over the affairs of the enterprise, meaning the individuals that in practice determine matter; or * Exercises other special rights of 25% or more over the capital of the enterprise, (meaning that an individual holds specific control as a result of, for instance, rights granted in the articles of incorporation.
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.
Guidance with regard to enterprise group structures
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.
Does every enterprise have an Ultimate Beneficial Owner?
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 screening department at the following email address [email protected]