Terminology

To help navigate this FAQ, here are key terms used throughout:

  • XXImo FS – XXImo Financial Services B.V.
  • DNB – De Nederlandsche Bank (Dutch Central Bank)
  • AFM – Authority for the Financial Markets (Dutch financial regulator)
  • AML/ATF – Anti-Money Laundering & Anti-Terrorist Financing regulations
  • Wwft – Dutch Anti-Money Laundering and Anti-Terrorist Financing Act
  • Wft – Dutch Financial Supervision Act
  • Sanctiewet 1977 – Dutch Sanctions Act
  • EMI – Electronic Money Institution (a licensed entity that issues digital payments, such as XXImo FS)
  • KYC – Know Your Customer
  • KYB – Know Your Business
  • UBO – Ultimate Beneficial Owner


Company Register

An official database that lists all registered companies within a country, including identifying details like company name, registration number, legal entity type, status, address, and representative(s).


Company Representatives

  • Company Representative: An individual who is authorized to act on behalf of a company in official matters such as a director, authorized representative, etc.
  • Director: A natural person responsible for the management and decision-making within a company, often part of the executive board.
  • Authorized Representative: An individual with the authority to act on behalf of a company in official matters, such as acting as a representative in transactions or signing contracts.
  • Authorized Signatory: A person approved to sign legal documents and agreements on behalf of a company.


UBO Register

An official registry that stores information about the UBOs of companies.


Company Details

  • Legal Entity Full Name: The complete registered name of a company or legal entity.
  • Trade Name: The name a business uses publicly, which may differ from its registered legal name. This name should also be listed on the company register.
  • Statutory Seat: The legal location (city) or address where a company is officially registered.
  • Country: The country where a company is legally registered and operates under its jurisdiction.
  • Company Registration Number: A unique number assigned to a business upon registration in the official national company registry.
  • Company Register Extract: An official document that provides up-to-date information about a company’s registration, including identifying details like company name, registration number, legal entity type, status, address, and representative(s).


Company Representative(s) Information

  • Given Name: The first or given name of an individual, which may also include a nickname or preferred form of address.
  • Surname: The family or last name of an individual.
  • Place of Birth: The location (city) where an individual was born.
  • Full Address: An address specifying the location of a person or organization, including details like street name, number, city, and postal code.
  • Place of Residence: The location (city) where an individual currently lives or has their primary address.
  • Signing Authority: The legal right granted to an individual to sign documents and enter into binding agreements on behalf of a company.
  • Independent Authorization: Permission granted to an individual to act or make decisions alone, without needing additional approvals.
  • Limited Authorization: Permission for an individual to act on specific matters, restricted to certain actions or decisions. For example, signing a contract up to a certain amount.
  • Joint Authorization: Authority requiring two or more individuals to jointly approve or sign off on decisions.
  • Authorized Signatory List: An updated list of individuals with signing authority and any relevant limitations.
  • Board Resolution or Corporate Authorization: A formal document from the board or governing body granting the representative the authority to sign on behalf of the company.
  • Power of Attorney: A legal document that designates authority(ies) to act within specified limits on behalf of the company.
  • Articles of Association: A document that outlines the foundational structure and authority roles within the organization.
  • Partnership or Operating Agreement: A document that defines roles and signing authority within the partnership or entity.
  • Delegation of Authority Document: An internal document assigning authority, including its scope and limits for specific actions.
  • Proxy: An authorized representative who is designated to act on behalf of another person, particularly in voting or decision-making processes. A proxy can be assigned through a proxy statement or proxy form, specifying the scope of authority granted.


UBO Information and UBO Supporting Evidence

Documentary evidence with an asterisk () cannot be older than 6 months.*

  • Publicly Listed Company: A company whose shares are traded on a public stock exchange and is therefore subject to certain regulatory requirements.
  • Full Subsidiary of Publicly Listed Company: A company wholly (100%) owned by a publicly listed company.
  • Ownership: The possession of equity or shares in a company, which often grants decision-making power.
  • Economic Interest: The financial stake or benefit an individual has in a company, such as dividends or profits.
  • Voting: The right to participate in company decisions, usually based on share ownership.
  • Control: The power to influence or direct the decisions and policies of a company.
  • Statutory Director: A director formally registered as part of the company’s management, typically holding legal responsibilities.
  • Pseudo UBOs: An individual designated as the UBO when no one meets the standard ownership criteria (25% or more ownership, voting, or effective control). Typically, senior manager(s) or statutory director(s) are assigned this role to fulfill regulatory requirements, ensuring accountability even without direct ownership.
  • Public Legal Entity: An organization created by the government, often serving a public purpose, such as municipalities or government agencies.
  • UBO Register Extract*: An official document listing individuals who ultimately own or control a company, detailing their ownership, voting power, control rights, or status as pseudo UBO.
  • Share Ownership Certificate*: A certified document that proves ownership of shares in a company.
  • Latest Shareholder Register (covering all entities up to the UBO(s))*: An official record listing company shareholders and their ownership details, including the number of shares held by each.
  • Certified Company Structure Diagram (covering all entities up to the UBO(s), with ownership or voting percentages)*: A certified visual representation (usually by a chart or diagram) of a company's ownership and control structure, detailing entity and shareholder relationships up to UBOs, including ownership and voting percentages.
  • Certified Company Statement*: A certified declaration from an independent legal professional detailing and/or confirming UBO information.


Other Information

  • Affiliates: Businesses connected through shared ownership or control, operating as separate entities.
  • Partners: Individuals or businesses that have a formal agreement to work together.
  • Legal Entity Form / Type: The legal structure of a business, such as a corporation, partnership, or sole proprietorship.
  • Branch: A subdivision of a company that operates in a different location from its headquarters but is not a separate legal entity. The branch conducts business on behalf of the parent company and is typically subject to the same liabilities and obligations.
  • Subsidiary: A company that is controlled by another company, typically through ownership of more than 50% of its shares.
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