As a result of the application of the anti-money laundering legislation, companies, non-profit organizations and foundations (so-called 'reporting agents') have been obliged since 2019 to register their ultimate beneficiaries in the Belgian UBO register, which is accessible via the MyMinFin platform of the FPS Finance.
However, since the entry into force of the Royal Decree of September 23, 2020, there is an additional obligation, namely the addition of supporting documents to substantiate the registered information. Reporting agents must submit via the online platform any document that demonstrates that both the information on the identity of the beneficial owner and the nature and size of the beneficial owner in the reporting agent is adequate, accurate and up-to-date.
Such evidence documents can be very diverse, but it is generally accepted that the following documents are accepted as appropriate evidence:
- a shareholders' register;
- a shareholders' agreement;
- minutes of a general meeting or board of directors;
- extract from a foreign trade register;
Evidence documents that are not drawn up in Dutch, French, German or English must be translated, but this does not have to be a sworn translation. Evidence documents from a third country must be legalized if necessary.
The evidence documents in the UBO register are only accessible to the competent authorities, and not to obliged entities (in other words regulated professionals) or the general public. If necessary, the less relevant information can be hidden on the evidence.
Failure to comply with this obligation in time (i.e. before September 1, 2021) will result in administrative fines of EUR 250 to EUR 50,000 being imposed on the legal representatives of the reporting entity.
If you would like more information about this or if a supporting document needs to be drawn up for your company, non-profit organization or foundation, please do not hesitate to contact us. Stefan De Plus (firstname.lastname@example.org) to contact. He will be happy to help you comply with this legal obligation in a timely manner.