Central Register for Banks and Bank Branches

Purpose of the Central Register

The central register is a crucial tool for banks and bank branches to maintain customer identity details securely during transaction processing. It enables institutions to search by name and number or code key, ensuring efficient and accurate data management.

Required Data in the Register

• The register will contain data recorded pursuant to Section 33 of the Wwft.
• This includes customer identity details that are essential for maintaining secure transactions.

Beneficial Owner (UBO) Designation

Institutions are required to designate a natural person as a beneficial owner (UBO) for certain legal forms listed in Section 3 of the Wwft Implementation Decree 2018. This includes designating senior management, such as directors appointed under the articles of association, as the customer’s UBO if sufficient information is not available.

Institutions Required to Maintain the Register

• Banks
• Bank branches

Access and Control

The register will be accessible to:

• An administrator
• The Compliance department

Note: This answer is based on a specific excerpt from a guideline and may not reflect all relevant regulations or requirements.