The Act implementing the AMLD5 defines a custodian wallet provider as an entity that provides services to safeguard private cryptographic keys on behalf of its customers, to hold, store and transfer virtual currencies.
The Explanatory Memorandum to the Anti-Money Laundering and Anti-Terrorist Financing Act the AMLD5 clarifies that a custodian wallet provider is considered as such if it is in a position to independently access the user's virtual currency. This requires the entity to administer the customer's private cryptographic key in such a manner as to enable it to hold, store or transfer its customer's virtual currencies. This applies in any case to providers that possess the users’ private keys, even if such keys are also shared among several customers.
Providers of custodian wallets need to register if they provide these services in a professional capacity or on a commercial basis in or from the Netherlands.
Providers that in no way whatsoever have access to their customers’ virtual currencies, i.e. providers of non-custodian wallets, do not need to register. They provide, for example, applications or devices that give users access to their virtual currencies to store them or show them the balance of their virtual currencies.
On 14 July 2023, De Nederlandsche Bank (DNB) imposed an order subject to penalty on Payward International Markets Limited (Payward International), operating under the trade name Kraken.
Read more Order subject to penalty imposed on Payward International Markets Limited for offering crypto services in the Netherlands without registration
Supervisory authority De Nederlandsche Bank (DNB) is submitting a new anti-money laundering approach to financial institutions and other stakeholders as part of a public consultation. In a policy document presented today [...]
Read more DNB submits new anti-money laundering approach to financial sector
DNB has conducted a series of examinations to assess financial institutions’ compliance with sanctions regulations and, more specifically, whether their compliance operations are fit for purpose. We are happy to share the results of these investigations.
Read more Sanctions Act examinations: room for improvement, but sector shows strong commitment to compliance
Did you know that you can track the status of your assessment application in My DNB? As of 11 May 2023 you can see the status of your assessment application in My DNB – Supervisory Applications Service.
Read more New: status of your assessment application with DNB
