(Pseudo) Ultimate Beneficial Owner

Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purpose of money laundering or terrorist financing defines the Ultimate Beneficial Owner in article 3 paragraph 6 under (a) sub (ii) as follows:

“Beneficial owner” means any natural person who ultimately owns or controls a corporate entity or any natural person on whose behalf a transaction or activity is being conducted.

The beneficial owner in the case of a corporate entity is:

The natural person who ultimately owns or controls a corporate entity through direct or indirect ownership of 25 % plus one share of the shares or voting rights or more than 25 % ownership interest in that corporate entity, including through bearer shareholdings, or through control via other means, other than a company listed on a regulated market that is subject to disclosure requirements consistent with the law of the European Union or subject to equivalent international standards which ensure adequate transparency of ownership information.

LYNX assumes that a member state of the European Union did not decide that a lower percentage is an indication of ownership.

The UBO is therefore a natural person who meets one or more of the following characteristics:

• An (in)direct interest of >25% in the capital of a client.
• >25% of the voting rights in a client’s general meeting.
• Factual control in a client.
• Beneficiary of at least 25% of the assets of a client or a trust.
• Special control over at least 25% of a client’s assets.

Here, the only UBO is the sole proptietor.

Here, a UBO is a natural person who directly or indirectly:

• is more than 25% economically entitled to the company;
• or the person who exercises control.

Companies which are listed on a stock exchange are exempt from this 25% rule.

Here, a UBO is the natural person who directly or indirectly:

• has an ownership interest of more than 25%;
• or can exercise more than 25% of the votes in the event of an amendment to the articles of association;
• or has actual control over the legal entity.

Here, a UBO is the natural person who directly or indirectly:

• has an ownership interest of more than 25%;
• or can exercise more than 25% of the votes in the event of management actions and/or changes to the cooperation agreement.

Here, a UBO is the natural person who:

• upon dissolution of the religious denomination is appointed as legal successor in the statute of the religious denomination.

In the case of a trust, multiple people must be designated as a UBO. This at least concerns:

• the trustees of a trust;
• the founder (Settlor);
• the possible Protector;
• and the beneficiaries (Beneficials) of a trust.

In the event that no person, as defined above, is identified as a UBO for the legal entity, then a natural person who holds a position as managerial officer is defined as the Pseudo UBO. This is understood to mean the ‘statutory management’ of the client.

In the case of a partnership, the managing partner is designated as a Pseudo UBO.