The importance of UBO
Like you, we want to know who we're doing business with. As your insurance broker, Meijers is legally required to record the ultimate beneficial owners (UBOs) of all business clients.
A UBO is the person who ultimately owns or controls an organisation. There can, of course, be more than one. The UBO declaration we send you explains how to identify the UBO of your organisation and which threshold applies for voting rights, shares, or control. Some insurers apply the statutory threshold of 25%; others use 50%. Please read this carefully.
Questions?
Do you have questions about client due diligence or the UBO statement? Contact our Legal & Compliance Officer.
Anneke Bogtstra: +31 020 504 26 37
a.bogtstra@meijers.nl
Most frequently asked UBO questions:
1. Who has to sign the UBO form?
The person or persons authorised to sign on behalf of your organisation. You can find the signing authority for your organisation in your Chamber of Commerce extract.
2. Do I have to submit data separately for each company?
Yes. Meijers is legally required to record the UBO for every business client we work with. If you are connected to multiple companies that hold insurance through Meijers, please provide the UBO details for each company individually.
3. What happens if I do not provide Meijers with the requested information on time?
We will send you a few reminders first. If we still have not received the required information after that, we are unable to take you on as a client. This means policies cannot be issued and any claim payments cannot be processed.
4. What happens to my data?
We store your UBO details in our systems and use them solely to identify and verify the ultimate beneficial owner.
5. What legal obligations does Meijers have?
We request UBO details because we are legally required to do so under the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft).
6. What does this mean for our privacy?
We are legally required to know who our clients are. Collecting and processing UBO data is therefore permitted under the Privacy Act and the General Data Protection Regulation.
7. Our UBO is already in the Chamber of Commerce public register. Why do I need to submit UBO details to you as well?
This is our most frequently asked question, and the answer takes some explaining. That's why we've put together a fact sheet:
8. Why do we use 50% rather than 25% when identifying the UBO?
Under the Sanctions Act, a UBO is any person who (1) holds 50% or more of the ownership rights in a legal entity, and/or (2) exercises control over that entity. Individual insurers may choose to apply a lower threshold, typically because they also offer products governed by the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). The Wwft sets a UBO threshold of more than 25%, but that lower percentage is not a legal requirement. The statutory limit under the Sanctions Act is 50% or more. Advisers working with several insurers may therefore need to keep track of different thresholds depending on the insurer. Unfortunately, there is no straightforward fix for this: the current Sanctions Act Guidelines set 50% as the default, while allowing individual company policy to apply a stricter standard.
9. We are a listed company with no UBO. Why do I still need to complete the form?
Our request for your UBO details is separate from any obligation to register UBOs with the Chamber of Commerce. Under the Financial Supervision Act (Wft) and the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), Meijers is required to maintain adequate knowledge of its clients. This is done through a process called Customer Due Diligence (CDD). As part of CDD, the Wwft requires Meijers to identify and record the ultimate beneficial owners (UBOs) of all clients. For listed companies, senior executives must be identified as pseudo-UBOs. Please report these pseudo-UBO(s) on the UBO form.
10. Why does my Association of Owners need to provide UBO information, even though VVEs are not required to register UBOs with the Chamber of Commerce?
We understand why this feels confusing, and we are happy to explain. Under the Financial Supervision Act (Wft) and the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), we are legally required to know our customers. To meet this obligation, we conduct Customer Due Diligence (CDD) on all clients. This includes verifying the identity of the customer and their Ultimate Beneficial Owners (UBOs), and reviewing assets, transactions, and business activities.
As part of that CDD process, the Wwft requires Meijers to identify and record the UBOs of its clients. This is a separate obligation from the UBO register held by the Chamber of Commerce. VVEs (Associations of Owners) are not required to register their UBOs in that Chamber of Commerce register. Financial service providers like Meijers, however, are required to collect and record this information independently. We recognise that the distinction between the two obligations is not always obvious, and we appreciate your patience.
11. I own a foreign company/entity; do I need to complete a UBO form?
Yes, you do. Foreign legal entities that operate only through a branch in the Netherlands are not required to register UBOs with the Dutch Chamber of Commerce. However, as a client of a financial services provider such as Meijers, you are still required to complete a UBO form. The UBO of a foreign legal entity is identified using the same criteria as for a Dutch one.
12. On what basis does Meijers process personal data in relation to the UBO declaration?
Under Article 33, paragraph 2, sub a-1 of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft), we are permitted to request and record the following data: the surname, first names, date of birth, address, and place of residence or establishment of the client, as well as any person acting on their behalf.