Bahamas 
Brazil 
BVI 
Canada 
Cayman Islands 
Curaçao 
USA 
Australia 
China 
Hong Kong 
India 
Japan 
New Zealand 
Singapore 
Belgium 
Cyprus 
Denmark 
Finland 
France 
Germany 
Greece 
Guernsey 
Ireland 
Italy 
Jersey 
Luxembourg 
Norway 
Spain 
Sweden 
Switzerland 
The Netherlands 
UAE 
UK Featured articles and media
Insights | Corporate Client Services
Voluntary carbon credits bolster green bonds
25 May 2023
Read >
Featured articles and media
Show all media for Private Capital & Hedge Fund Services >
Featured articles and media
Show all media for Capital Markets >
Featured articles and media
Show all media for Private Clients >
Featured events
Events | Virtual
Private Funds Industry Live, Expanding Private Funds in Global Markets
10 Jan 2023
Watch the recording >
Events | Virtual
Private Funds Industry Live, Demystifying Private Capital Funds
6 Dec 2022
Watch the recording >
Events | Virtual
State of the Market and Growing your Business – Setting up and Maintaining WFOEs in China
15 Nov 2022
Watch the recording >In October 2017, the Belgian Anti-Money Laundering Act (Belgian AML Act) entered into force. Published in the Belgian Official Gazette on 14 August 2018, one of its most significant features is the establishment of a central register with the Ministry of Finance, housing information on Ultimate Beneficial Owners (UBOs) of all non-listed companies incorporated in Belgium.
Who is affected by this legislation?
Companies in scope are:
- all types of companies
- (international) not-for-profit associations and foundations
- trustees of a trust
What is an Ultimate Beneficial Owner (UBO)?
A UBO is:
- an individual who ultimately owns or controls more than 25% of the shares or votes
- an individual exercising similar control in a Belgian legal entity
- the natural person(s) who hold(s) the position of senior managing official(s), if, after having exhausted all other means of identification, and provided there are no grounds for suspicion, none of the aforementioned persons is identified or if it is not sure that the person(s) identified is/are the beneficial owner(s)
What information is registered?
Information to be filed and kept in the register is:
- First and last name, birthday, nationality, resident address & country
- Individual ID number
- UBO start date
- UBO category, alone or jointly
- Direct / indirect UBO
- For indirect UBO’s: the number of intermediary entities and their full identification
Interest in the Belgian entity
Special information is required for ASBL’s/VZW’s, foundations, trusts and similar legal arrangements located or managed out of Belgium.
How is the information submitted?
The information is to be submitted via the online MyMinFinPro-Portal which contains the UBO application.
Who can access the register?
- Any competent authority
- Financial and credit institutions and other market players within the framework of their AML obligations
- Any person or entity that can demonstrate a legitimate interest
Timing
After a number of postponements, the obligation to register ownership information will need to be completed by 30 September 2019. Post-registration changes to the ownership information need to be completed within one month following the change.
Non-compliance
The law provides for fines ranging between EUR 50 to EUR 50,000, which could be imposed to the legal entity or its legal representative that fail to comply with aforementioned obligations.
How can we help?
Our team at Intertrust is on hand to help ensure compliance with the new legislation, collecting and filing the required information with the authorities. Contact us to find out more.
