We are required to start supervising these businesses under the fifth European anti-money laundering directive (AMLD5) and its implementation in Dutch law. Cryptos are vulnerable to financial crime, which is why it is important to set up integrity supervision now.
What will supervision look like?
In concrete terms, firms offering services for the exchange between cryptos and regular money, and crypto wallet providers must register with De Nederlandsche Bank (DNB). Also, their board members and some shareholders (qualifying holdings) will need to be assessed. They must demonstrate that their processes are effectively designed to prevent money laundering and terrorist financing, and that board members and other policymakers adequately manage these processes. Once a firm is registered and we have assessed board members and other policymakers, we will monitor that it complies with the rules on money laundering and terrorist financing. Firms that do not register will no longer be allowed to provide crypto exchange services and wallets.
We address a number of important questions about our integrity supervision of crypto operators on our website, and we will add more information in the weeks and months ahead.
Contact us in good time
DNB looks forward to discussing our supervision with firms that provide or plan to provide these services, as well as the guidance we can provide in terms of compliance. Contact us by email at email@example.com or DM us at @DNB_NL. Or call us at 0800 020 1068.
The European directive states that the duty to register must take effect no later than 10 January 2020. It could also apply from a later date, however, depending on the exact timing of the directive's implementation into Dutch law. The legislative proposal for implementation is now before the Dutch House of Representatives.
Like the Dutch Authority for the Financial Markets (AFM), we have regularly warned against the integrity risks associated with cryptos. Together with the AFM, we called for regulation in January 2019.
For press queries, please contact Tobias Oudejans at 020 - 524 3100 or 06 – 524 96 961.