Stakeholders and Ownership

1. Ultimate beneficial owners (UBOs)

Under the Dutch Wwft, YabandPay must identify and verify your company’s ultimate beneficial owners (UBOs).

Who is a UBO?

A UBO is an individual who directly or indirectly owns shares in, or controls, a business. An individual is a UBO if any of the following applies:

• They hold more than 25% of the capital or equity interests.
• They hold more than 25% of the voting rights.
• They can exercise effective control by other means.
• They are a beneficiary of more than 25% of the company’s assets.
• They have special control over 25% or more of the company’s assets.

Multi-layer ownership structures

If the business has one or more holding companies, UBOs include individuals who hold 25% or more control over the underlying business through those companies.

For example, company B owns 60% of company A. An individual who owns more than 42% of company B indirectly owns more than 25.2% of company A and is a UBO.

When there is no UBO

A business may have no ultimate beneficial owner who meets the criteria above. For example, if five owners share the capital and control equally, each holds 20% and no individual holds 25% or more of the business.

Authorized signatories

In addition to UBOs, YabandPay always identifies and verifies the company’s authorized signatories. An authorized signatory is an individual entitled to sign on behalf of the company.

This authority is normally shown in the company registration documents. If it is not, the company must provide official evidence of the individual’s signing authority.

2. Politically exposed persons (PEPs)

Due to its risk appetite, YabandPay does not provide services to companies or organizations whose UBOs include politically exposed persons, their close associates or close family members.

Politically exposed persons include individuals entrusted within the past year with prominent public functions in the Netherlands, the EU, international bodies or foreign states, as well as their close family members or close associates. Relevant positions include:

• Heads of state or government, ministers, deputy ministers, state secretaries, and senior heads of parliament, government or ministries.
• Members of parliament.
• Members of supreme courts, constitutional courts or other judicial bodies whose decisions are not subject to judicial remedy.
• Mayors and senior city administrators.
• Members of the governing bodies of the highest national audit and control offices, or central bank governors, deputy governors and governing board members.
• Ambassadors, chargés d’affaires, envoys, ministers plenipotentiary or high-ranking military officers.
• Members of the management or supervisory bodies of state- or municipality-managed companies.
• Directors, deputy directors or members of the management or supervisory bodies of international intergovernmental organizations.
• Heads, deputy heads or members of political party governing bodies.

Close associates

These include individuals who participate in the same legal entity or other organization as a PEP, or maintain other business relationships with a PEP. They also include an individual who is the sole owner of a legal entity established or operated to obtain property or other personal benefits for a PEP.

Close family members

These include spouses, partners, parents, brothers, sisters, children, and the spouses or partners of children.

3. US persons

Due to its risk appetite, YabandPay does not provide services to companies or organizations whose UBOs include US persons.

The original guidance defines US persons as including:

• US citizens or residents.
• Domestic partnerships.
• Domestic legal entities.
• Any estate other than a foreign estate.
• Trusts where a court within the United States can exercise primary supervision over their administration and one or more US persons have authority to control all substantial decisions.
• Any other person who is not a foreign person.

4. Ownership chart

If your company has one or more holding companies, provide a clear ownership chart showing:

• All direct and indirect holding companies: company names, countries of registration and ownership percentages. Include every level of a multi-layer structure.
• All individuals holding 25% or more: names, nationalities, countries of residence and ownership percentages.

The following diagram comes from the original onboarding guidance:

Once you have prepared this information, return to Complete Company Information.