Institutions that are subjected to the anti-money laundering legislation are required to complete the UBO register. This is to determine who exercises effective control, possibly from behind legal arrangements. The name comes from the English term UItimate Beneficial Owner.
All UBOs must be listed in that register. But who is UBO? In the case of companies, these are natural persons who directly or indirectly control more than 25% of the voting rights or shares, natural persons who control other means, and - possibly - senior management.
Determining exactly who a UBO is can be a difficult calculation, certainly if there are different legal structures between the company for which you want to complete the register and the UBOs. AdminPulse can do this calculation for you. All shareholders of that company, the shareholders of those shareholders, the managers and the persons with other forms of control must then be entered correctly.
You can enter the shareholders, managers and persons who exercise control by other means in the Linked relations section in the company's relation file. If another company exercises some form of control, you must also enter the shareholders in the file of that company.
In the modal you first select the correct link type and the relation. If you still have to create the relation, you can do so by clicking on the plus button. Relations that are only created to be linked can be given the status Other. After that you enter the data associated with this link.
For shareholders, enter the number of shares and voting rights. In the calculation, those numbers are divided by the total number for that company. Therefore, for a correct calculation, it is important that you enter all shareholders with their number of shares and voting rights and the number of shares whose owner is unknown to the unknown shares in the UBO section.
If a company is a shareholder, you must also enter all shareholders for this company. If there is another company, also for that company.
Control by other means
Persons exercising control by other means are automatically UBO.
If no UBOs were found in the shareholder structure, the directors are designated as UBOs. If the director is a company, whomever represents that company becomes the UBO.
Unknown shares (other)
Shareholders are sometimes unknown, for example with public shares. But for a correct calculation it is necessary to work with a correct total. That is why you can enter the number of unknown shares in the UBO section. The total is the sum of all numbers entered from the shareholders and the number of unknown shares.
After all relevant relations are linked you can have a UBO calculation made by clicking on the button.
The result is an overview.
Lines with a star in front are the UBOs. You must then enter these persons or companies in the UBO register, together with the structures that stand between them and the company concerned.
That company is at the very top. With every jump to the right we go a level deeper, so with the first jump to the right the direct shareholders, than the shareholders of those shareholders, etc ...
The UBO% shows the extent to which the UBO has control over this company, also through control in other companies.
If you move the mouse over the nature of the control, you will get more information about why this person is UBO.
The identification column shows the company number or VAT number for companies and the national register number or date of birth for people. With this data you can quickly add lines in the UBO register of the government.
The Shares% and Voting Rights% columns show the distribution of the shares / votes of the parent company.
In the register since serves as a checklist, if you have entered a line in the register, click on the button. This way you know which ones have already been entered.
The last column contains info and errors. Move the mouse over the icons to see more info.
If you have completed the register you can indicate this with a click on this button:
This also means that this relation gets a green checkmark in the compliance.
From the UBO register you can download a receipt in PDF format, which you can upload and attach to this check.
You can consult older checks by choosing them in the selection list. You can also remove them by clicking on the dustbin.
Changes to UBO structure
When a change is made in AdminPulse to one of the relations that is in the UBO structure of a company, a warning will be displayed in the UBO section indicating that the UBO structure entered in the register may not more in line with the most recent data.
It may be necessary to make a new calculation and to implement the changes to the UBO register. If this is not necessary, you can switch off the warning via the button.