How to easily capture UBO data and keep it safe and updated.
There are a lot of rumors going around about this UBO register. The purpose is certainly driven by ‘combating crime’, but the press is already cynically writing about ‘the register the rich are afraid of’. The reason for this is that this register will be (partly) accessible to the public, including the tax authorities.
Regarding your UBO obligations, your greatest concern is not only to capture all this data, but also to keep it updated.
The number of voting shares and principal managers of companies, foundations, trusts, fiduciaries, non-profit organisations and similar entities will vary over time!
Harmoney offers a tailor-made digital workflow capturing all corporate UBO information and linking this to the correct individual persons. He or she can even remotely upload and confirm his/her KYC information by eSignature.
Now you have 2 sets of data to yearly update and monitor: the change of voting shares or principal managers from the corporate client, and the KYC data of the individuals relating to the corporate. But if you can rely on Harmoney’s automated notifications and fully digital workstream, no need to say that updating the required information becomes really fast and frictionless.