Regulatory Alerts2021-02-22
Added · Updated
UBO reputation test
The 2020 Financial Markets Amending Act requires ultimate beneficial owners of trust offices and exchange institutions to be fit for their role and have propriety beyond doubt. The test assesses propriety against current standards and fitness based on competence, influence, experience, and media coverage, using the Wwft definition of a UBO with a 25% ownership threshold. Institutions must submit an application for an initial assessment via the Supervisory applications portal on My DNB to obtain a decision within the legal processing period.
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