On 1 July 2012, the Financial Supervision Act (Wet op het financieel toezicht or Wft) was amended to include a prohibition to pursue the business of an exchange institution without appropriate authorisation. De Nederlandsche Bank (DNB) may issue such authorisation if requested and is responsible for the supervision of exchange institutions.
The Wft defines an exchange institution as one that pursues the business of performing exchange transactions. Exchange transaction is itself defined as (a) a currency exchange transaction, (b) the payment of coins and banknotes upon presentation of a credit card or against delivery of a document as referred to in Section 1:5a (2), under g, of the Wft, such as paper cheques, including traveller's cheques, postal or money orders etc. Both concepts are defined in Section 1:1 Wft.
The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Read more FATF warning lists – February 2023 update
De Nederlandsche Bank (DNB) assesses incumbent and prospective policymakers, such as management and supervisory board members, for fitness to fulfil their duties and whether their propriety is beyond doubt. In conducting our assessments, we also take any antecedents into account.
Read more Continuous notification requirement for antecedents
The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Read more FATF warning lists – October 2022 update
Previous DNB policy statements may be read to mean that, in the context of sanctions screening, not all relationships must be screened. This is an incorrect conclusion, and DNB will therefore amend the relevant policy statements shortly.
Read more Sanctions screening
