Why do I need to disclose my UBOs and directors?

The organisations and persons applying the law on preventing the financial system from being used for purposes of money laundering and financing terrorism (Belgian Law LBC/FT) are legally required to identify and check the identity of UBOs and directors in their business dealings. These organisations are identified in articles 2 and 3 of the LBC/FT law on combating money laundering and the funding of terrorism.

The purpose of this provision is to prevent natural persons using businesses, foundations or any other legal entities for criminal purposes such as money laundering or financing terrorism. Any institution not obeying the law leaves itself liable to criminal proceedings and penalties, and also to fines of up to €1,250,000.