The U.B.O. (Ultimate Beneficial Owner)
PriPost is obliged to identify the Ultimate Beneficial Owner (UBO) in accordance with the Sanctions Act to prevent money laundering and terrorist financing. This prevents people from hiding themselves behind legal entities. The Sanctions Act requires us to check background data of our customers. It is about determining the “Ultimate Beneficial Owners” (UBO) of our business customers.
- What is a UBO?
- UBO stands for Ultimate Beneficial Owner.
- A UBO is is a natural person who holds at least 25% shares or has control over the non-listed legal person
- or who is a beneficiary or has special control of 25% or more of the assets of a foundation or trust.
- Your company, association or foundation does not have a UBO but a director. What needs to be filled in?
Do you have the legal form private company, limited partnership, limited company or partnership? Then we ask you to fill in one or more Ultimate Beneficial Owner (s) statements with a 25% shares. Do you have the legal form association, foundation or church society? Then we ask you to fill in the director(s) in the UBO statement. If you have a sole proprietorship, you are a natural person or do not have a UBO with shares of 25% or more, then signing the UBO statement is sufficient.
- What does the Sanctions Act entail?
The Sanction Act is focused on preventing money laundering and terrorist financing. The Sanction Act 1977 forms the legal basis for national rules for the implementation of international sanctions. Due to the increasing political tensions since the conflict in Ukraine and the MH17 flight disaster, the European Union and the United States have imposed sanctions against persons and entities involved in this conflict. The Dutch financial sector, including PriPost as provider of addresses, has an important function as “gatekeeper” in the implementation of these sanctions. The regulatory authorities also expect us to do business with reliable parties.
- Why is PriPost asking me for the UBO data now, even though I have been a customer for a long time?
PriPost has not yet registered the Ultimate Beneficial Owners (UBO) of all (old) customers. This means that it cannot be determined whether these customers appear on a sanction list. This is in violation of the Sanctions Act. When accepting new customers, we immediately request the required information. For existing customers, for whom we have not asked these acceptance questions in the past, we still need to determine and screen the UBO data against the Sanction Lists. Our supervisory authorities are currently monitoring stricter compliance with the Sanctions Act.
- Are there consequences if I do not provide a UBO statement?
If we do not receive the UBO statement from you, we cannot check the background data. If you do not respond, it may mean that we have to terminate the PriPost agreement. Of course we would prefer not to do that. That is why it is important that you fill the UBO statement correctly in and upload it as quickly as possible via the customer portal.
- I have several Postboxes Is one UBO statement sufficient?
Each UBO statement is made for one company. In case you have several companies, a UBO statement will have to be drawn up for each company, regardless of the number of Postboxes. If you have several Postboxes for one company, then you only have to upload one UBO statement.
- My company is not based in the Netherlands
It is irrelevant for the law where a company is located. A UBO statement must also be provided by companies established abroad.
- Where can I find the UBO statement?
You can easily download this via the following link: https://www.pripost.eu/download/pripost_ubo_verklaring.pdf
After completion and signature, you can upload it as a PDF in the customer portal.
- Where can I go with questions?
If you have any questions, you can contact PriPost customer service. We can be reached on working days from 9 a.m. to 5.30 p.m. at 070-2210460 or ask your question via a ticket in the customer portal. We are happy to help you!