Administrative Fines for Failing to Comply with Dutch Ultimate Beneficial Owner Requirement for Trusts

A Policy Rule from the Dutch Ministry of Finance was recently published on how administrative fines are determined for violations related to the UBO (Ultimate Beneficial Owner) register for trusts and similar legal arrangements. In particular, it sets the rules and penalty amounts for trustees who fail to properly register or update information about the ultimate beneficial owners of trusts. The standard fine for a violation is set at 10% of the statutory maximum (which equates to EUR 2,750)…