Amendment Act restricting access to UBO registers adopted by the House of Representatives

On February 18, 2025, the House of Representatives approved the Amendment Act restricting access to UBO registers. This bill adjusts the rules for access to information about the ultimate beneficial owner (UBO) of companies, trusts, and similar structures, due to a ruling by the European Court of Justice.

Amendments:

1. Notification upon access: UBOs will receive a notification if someone has accessed their information based on a 'legitimate interest'.
2. AMvB (General Administrative Order): Determines who gets access to UBO data and under what conditions, with a four-week preliminary procedure.
3. Evaluation: After two years, the Minister of Finance must send an evaluation to the House of Representatives.

Access to UBO registers:

• Competent authorities, FIUs, reporting entities, and persons with a legitimate interest.
• Parties for compliance with sanctions and supervision.
• Administrative bodies and legal entities with a government task.
• Parties who want to view their own data in the UBO registers.