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
What is an exchange institution?
On 1 July 2012, the Financial Supervision Act (Wet op het financieel toezicht or Wft) was amended to include a prohibition to pursue the business of an exchange institution without appropriate authorisation. De Nederlandsche Bank (DNB) may issue such authorisation if requested and is responsible for the supervision of exchange institutions.
The Wft defines an exchange institution as one that pursues the business of performing exchange transactions. Exchange transaction is itself defined as (a) a currency exchange transaction, (b) the payment of coins and banknotes upon presentation of a credit card or against delivery of a document as referred to in Section 1:5a (2), under g, of the Wft, such as paper cheques, including traveller's cheques, postal or money orders etc. Both concepts are defined in Section 1:1 Wft.
Related law and regulations
Relevante wisselinstellingen pagina's van markttoetreding
- Exchange transaction