Financial institutions often serve many different customers in many different sectors, including customers in sectors with higher inherent integrity risks. The sector in which a customer operates is one of the factors that a financial institution...Read more
Outsourcing of functions or activities
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.
- Crypto service providers