We are obliged by the Netherlands Authority for the Financial Markets (AFM) and the Financial Supervision Office (BFT) to establish the identity of the UBOs. The two criteria for qualifying a person as UBO concern the ultimate ownership of or ultimate control of the legal entity through the holding of shares, voting rights, ownership interest or other means. Article 3 of the Implementing Decision on the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) sets out which people are to be designated as UBOs.
PEPs are people who hold or have previously held a prominent political function and their immediate family members or close associates. The term PEP is no longer restricted to foreign politically exposed persons; it also includes Dutch politically exposed persons.
PEPs always include the following persons (see also Article 2 of the Implementing Decision on the Wwft 2018):
1. Head of State, head of government, minister, junior minister or state secretary;
2. Member of parliament or member of a similar legislative body;
3. Member of the board of a political party;
4. Member of the high court of justice, the constitutional court or any other higher judicial body which pronounces judgments against which no appeal lies except in exceptional cases;
5. Member of an audit office or of the board of directors of a central bank
6. Ambassador, chargé d'affaires or high-ranking officer in the armed forces;
7. Member of a managing body, supervisory body or governing body of a state enterprise;
8. Director, deputy director, member of the board of directors or holder of a similar post with an international organisation.
We are obliged by the Netherlands Authority for the Financial Markets (AFM) and the Financial Supervision Office (BFT) to establish the identity of the UBOs. The two criteria for qualifying a person as UBO concern the ultimate ownership of or ultimate control of the legal entity through the holding of shares, voting rights, ownership interest or other means. Article 3 of the Implementing Decision on the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) sets out which people are to be designated as UBOs.
PEPs are people who hold or have previously held a prominent political function and their immediate family members or close associates. The term PEP is no longer restricted to foreign politically exposed persons; it also includes Dutch politically exposed persons.
PEPs always include the following persons (see also Article 2 of the Implementing Decision on the Wwft 2018):
1. Head of State, head of government, minister, junior minister or state secretary;
2. Member of parliament or member of a similar legislative body;
3. Member of the board of a political party;
4. Member of the high court of justice, the constitutional court or any other higher judicial body which pronounces judgments against which no appeal lies except in exceptional cases;
5. Member of an audit office or of the board of directors of a central bank
6. Ambassador, chargé d'affaires or high-ranking officer in the armed forces;
7. Member of a managing body, supervisory body or governing body of a state enterprise;
8. Director, deputy director, member of the board of directors or holder of a similar post with an international organisation.