Integrity supervision of crypto service providers
With effect from 21 May 2020, firms providing services for the exchange between virtual money (cryptos) and regular (fiduciary) money, and custodian wallet providers will become subject to DNB's integrity supervision, on the basis of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme - Wwft).
DNB starts supervising these businesses under the amended Fourth 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.
In concrete terms, firms offering services for the exchange between cryptos and regular money, and custodian wallet providers must comply with the requirements set in the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme – Wwft). This means they must register with DNB, and their board members and shareholders who own qualifying holdings (shares representing 10% or more of shares and/or voting rights) must be assessed for fitness and propriety. DNB will also monitor firms’ compliance with the rules on money laundering, terrorist financing and sanctions regulations. Firms that do not register will no longer be allowed to provide crypto exchange services or offer custodian wallets.
On this page, we inform providers that will be subject to DNB's integrity supervision of the requirements they will be expected to meet. The links below provide detailed information on:
- Registration with DNB
- Fit and proper assessments
- The principal subjects addressed in our integrity supervision, such as the integrity risk analysis, sound and ethical operational management, customer due diligence, transaction monitoring and the duty to report any unusual transactions to FIU-NL.
- Sanctions legislation
Should you have any further questions, please feel free to contact us.