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
Duty to register for institutions already subject to financial supervision under legislation other than the Wwft
Under the Wwft, providers of services for the exchange between virtual and regular currencies, or custodian wallets, must register, irrespective of whether they are new players or incumbent licensed financial institutions. Institutions that hold a licence from DNB or the AFM, for example under the Financial Supervision Act (Wet financieel toezicht – Wft) or the Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt), must still register.
Registration takes place under the Wwft, and DNB assesses whether an institution acts in accordance with the Wwft in providing these services. If DNB finds that it does, we will list it as a provider of services for the exchange between virtual and regular currencies, a provider of custodian wallets, or both, in the public register.
Significant risks may still emerge in respect of requirements set out in the Wft or the Wtt. For example, the relevant supervisory authority may require that operational risks emerging from the provision of services for the exchange between virtual and regular currencies are adequately managed. We recommend that licensed institutions planning to provide such services contact the relevant supervisory authority in good time.
- Crypto service providers
On 19 May 2021, following a ruling on an objection, we re-examined an earlier decision regarding a crypto service provider's compliance with the Sanctions Act.Read more