Filling in the UBO register is an essential obligation for institutions subject to anti-money laundering legislation. This register identifies and records the ultimate beneficiaries (Ultimate Beneficial Owners - UBOs) of a legal entity. The measure contributes to combating fraud, money laundering, and the financing of terrorism.
AdminPulse offers an efficient solution to manage this process, including the automatic calculation of UBO structures. Below, you will read how to properly and efficiently carry out UBO registration.
What is a UBO and who must be registered?
In the UBO register, all natural persons considered UBOs must be registered. The three categories of UBOs are:
- Direct or indirect control: Individuals who own more than 25% of the shares or represent more than 25% of the voting rights.
- Control through other means: Individuals who exert influence through legal arrangements or other structures.
- Senior management: If no other UBOs can be identified, company managers are registered as UBOs.
Options for UBO calculation in AdminPulse
In AdminPulse, there are three ways to manage UBO calculations:
1. The calculation is performed by AdminPulse
- Enter shareholders and other relevant relations through the Linked relations section.
- Let AdminPulse calculate the UBOs.
- Record the results in the UBO register. In case of changes in the UBO structure, you will receive an automatic alert.
- For compliance, a green checkmark is shown when it is indicated that the data has been entered in the UBO register.
This option is specifically explained in a dedicated article: UBO calculation by AdminPulse: A step-by-step guide
2. The calculation is performed elsewhere
- Let the calculation be performed externally.
- Add an extract from the UBO register in AdminPulse for annual control via compliance checks.
- In case of changes in the UBO structure, AdminPulse shows a warning notification.
- For compliance, a green checkmark is shown when it is indicated that the data has been entered in the UBO register.
You can also read more detailed information about following up on UBO structure changes and their impact on compliance checks here: UBO calculation by AdminPulse: A step-by-step guide
3. The relation handles the input themselves
- The organization independently performs the UBO registration.
- AdminPulse does not verify the UBO information, and no warnings are displayed.
- This directly results in a green checkmark for compliance.