UBO Register AML
What is a UBO register?
UBO registers will assist in preserving trust in the integrity of business transactions and the financial system by allowing public access to beneficial ownership information, which allows greater scrutiny of information by civil society, the press, or organizations.
The registry is frequently kept up to date by the company owner and is subject to fines if not accurately and timely executed. The authorities might strike the companies from the official publications in case of intentional misuse. In certain cases the consultation is open to the public.
Why must financial institutions verify UBOs?
In Europe, UBO verification through a registry was implemented in the AMLD4 and transposed into national laws of Member States.
How can Pideeco help you with UBO Register AML?
Pideeco’s decade-long experience in the financial sector and compliance can help your company to:- Advise on accessing the Belgian UBO registry.
- Analyze your current UBO verification process and create a gap analysis along with a mitigating action plan.
- Draft or improve your current policies and procedures concerning UBO verification.
- Verify UBOs on your behalf.
- Perform a lookback on UBOs that are clients of your company.
- Assist you in the escalation process to the government if discrepancies occur.
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