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11 November 2019 Supervision Supervision label Factsheet

Crypto service providers are permitted to outsource specific functions or activities. However, they remain responsible for the adequate and effective implementation of legal and regulatory requirements.

In the event of outsourcing to a third party, crypto service providers must prepare a clear risk assessment which includes the expertise and practical approach of the third party in terms of Wwft compliance. It is important that crypto service providers not only lay down in writing that the third party will comply with all statutory requirements, but also that they should periodically check and verify this.

Pursuant to Section 10 of the Wwft, crypto service providers are permitted to outsource their CDD processes to a third party. Monitoring of the business relationship cannot be outsourced to a third party, however.

sector

  • Crypto service providers