Duty to register with the Banking Information Reference Portal to enter into force

News
Datum 28 mei 2020

The Dutch Senate adopted the Banking Information Reference Portal Act (Wet verwijzingsportaal bankgegevens) on 21 April 2020. It will soon enter into force. Banks providing accounts with Dutch IBANs are under a statutory duty to register with this portal.

Betaalautomaat

Reference portal

The Banking Information Reference Portal is a digital facility for automated disclosure of identification data demanded by competent investigative authorities and the Dutch Tax and Customs Administration. It digitises the process of demanding disclosure and complying with such demands, which to date are manual procedures. Banks are under a statutory duty to comply with demands for disclosure from investigative authorities and the Dutch Tax and Customs Administration. Following the Act's entry into force, banks that fall under the scope of the Act will be obliged to register with the Portal. The Banking Information Reference Portal Act will be implemented in the Financial Supervision Act (Wet financieel toezicht) by means of Section 3:267i.

Accounts with a Dutch IBAN and safe deposit box providers

The Banking Information Reference Portal Act imposes a registration duty on banks providing accounts with a Dutch IBAN number. The duty also applies to banks offering safe deposit boxes in the Netherlands. With the registration process taking a certain amount of time, the project organisation contacted the banks under the scope of the Act some time ago. The project was commissioned by the Ministry of Justice and Security and the Ministry of Finance. Banks planning to provide accounts with a Dutch IBAN or safe deposit boxes, or both, in the future must register before they start providing their services. Completing the registration procedure will take some time.

Registration and monitoring

Banks under a duty to register can contact the Portal's service desk by email at info.vb@ibo.justid.nl or by telephone at +31 70 370 33 12. More information can be found at https://www.verwijzingsportaalbankgegevens.nl/(information available in Dutch). We will monitor compliance with the registration duty from the Act's effective date onwards.