Suppliers of cryptodiensten from next year, under the reporting institutions, within the meaning of the Act on the prevention of money laundering and the financing of terrorism (Wwft).
What are the rules again? Attorney Lisa Cabell provides an explanation.
Contents
The rules for the Dutch cryptobedrijven
This feature was first available in the form of a licensing system. Last month, however, in order to be replaced by a registration requirement.
The Dutch central Bank (DNB) invites service providers cryptodiensten to report to the DSO, these companies are easier to reach.
We would like the central bank, an assessment of the extent of the institutions which are under supervision.
In this report, it is not the same as the obligation to register.
The register, which means that the service providers will be required to register with the DSO at the time of the act coming into force.
From that moment on, all of these institutions have to comply with the requirements of the money laundering.
Is expected to act on the 10th of January by the year 2020. In the Second Room, it should still be on the bill for votes in the upcoming december this year.
– Read – DNB: ‘Cryptobedrijven outside of the EU face a ban’
For the requirements that are going to it?
What are the requirements of the government. The most important conditions in order for registration to be eligible:
The directors and certain shareholders to be examined
They must be able to demonstrate that the processes are well equipped to combat money laundering and the financing of terrorism.
Board members and decision-makers within an institution to make these processes well.
As soon as your registration has been completed and the directors have been assessed, the DSO must ensure that the institutions comply with the rules.
In order to see which lines are involved?
In the main, the provisions of the Wwft and the sanctions act. The money laundering relates to the following:
The money laundering enables institutions to their customers to be able to identify and authenticate you.
Then you need to check whether the customer is an ‘ultimate beneficial owner (UBO) is equivalent to a
‘ultimate beneficial owner’ of, or is a politically exposed person’s (PEP’s).
As soon as it is known, it is the purpose and the nature of the relationship is to be assessed.
Also, the nature of the transactions with respect to the risk of money laundering and the financing of terrorism, and is therefore easier to assess.
These transactions are the continuous monitoring of the subject, and there is an obligation to report unusual transactions to the Financial Intelligence Unit (FIU), which is part of the National Police force.
The sanctiewetgeving set of legal requirements for financial institutions to keep their integrity, and thus, the junk trade, money-laundering and the financing of terrorism, and to fight against it.
It gives effect to sanctiewetgeving at the national level and at the international sanctieregimes, such as the United Nations and the European Union.
The sanctions act states that institutions must have on their relationships, and identify appropriate action to take if this relationship sanctielijst to avoid.
The formation of an accurate view of customer, it is essential to assess the risks of money laundering and the financing of terrorism, in the framework of the law.
In the wallet, the addresses of the virtual currency, there is no IBAN number and the name of the other party and is never visible. This ensures that the pseudo-anonymity, but it also makes it hard to have this law in your life.
Seminar on the ccd
The DSO invites all board members and the compliance staff of the cryptodiensten from the seminar (PDF) on the 8th of november.
This seminar will go over all of the above and more. You can sign up via the sign-up form at the bottom of this page DNB.
About A Cryptographic Compendium
The same time Cabell (“Linkedin”) if cryptojurist and is based in Rotterdam and co-founder of a Cryptographic Compendium.
If you would like to know more about the effluent, the permit application, or have any other questions about the money laundering amendment, please get in contact with a Cryptographic Compendium.
We have the tools to be developed that allows you to feel as good as possible, you can prepare for the future licensing system.
Earlier reports from the Same time (a selection):
Disclaimer: Bitcoin Magazine-NL does not provide financial or tax advice. This information is only educational purposes.
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