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
“In a professional capacity or on a commercial basis” within the meaning of the Wwft
Crypto service providers are under a duty to register if their services under the scope of the amended Wwft are provided in a professional capacity or on a commercial basis.
The Explanatory Memorandum clarifies that for an activity to be carried out in a professional capacity or on a commercial basis, it must be more than just an occasional activity and the provider must receive remuneration or generate income from it. The activity must therefore be performed systematically or regularly. Occasional or once-only activities do not qualify as activities carried out in a professional capacity or on a commercial basis. They do not need to be profitable, however, and do not need to be the provider's main activity to qualify as such. Further qualifying features can be the fact that a provider advertises for the services or provides them to multiple customers.
If you are in doubt as to whether you provide a service in a professional capacity or on a commercial basis, please contact us to provide us with a description of your activities.
- 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