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Authority Financial Markets (AFM):

The AFM's supervision with regard to the Wwft is aimed at monitoring and promoting sound business operations and preventing companies from knowingly or unconsciously becoming involved in money laundering. Together with De Nederlandsche Bank (Dutch Central Bank), among others, the AFM is responsible for supervising compliance regarding the obligations arising from the Wwft.

NBA.nl (Royal Netherlands Institute of Charted Accountants):

On July 25, 2018 the Act to prevent money laundering and terrorist financing (Wwft) was amended.

The most important changes at a glance:

  • Recording and assessing risks of money laundering and terrorist financing and adjusting measures according to the nature and extent of the audit practice;
  • Setting up a compliance and audit function according to the nature and scope of the audit practice;
  • The definition of the ultimate beneficial owner (UBO) has been changed. For example, the Wwft assumes that every client has a UBO;
  • The distinction between national and foreign politically exposed persons (PEPs) has lapsed;
  • For a simplified customer due diligence, a low risk of money laundering is required;

The Netherlands Bar :

Lawyers are required on the basis of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and Sanction law (sanctiewet) to apply procedures regarding customer screening, identification and verification of customers, and the reporting of unusual transactions. Please also refer to various guidance notes on this topic.

Financial Intelligence Unit (FIU):

This page provides a brief description of the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). The Act contains provisions regarding customer screening, identification and verification of customers, and the reporting of unusual transactions. Please also refer to various guidance notes on this topic.

Financial Supervision Office (Bureau Financieel Toezicht):

BFT is a supervisory body and oversees the compliance with laws and regulations by bailiffs and notaries and the compliance with the Money Laundering and Terrorism Financing (Prevention) Act (in Dutch: WWFT) by various professional groups.

Modern Risk Management and Regulatory Compliance require fast and accurate verification of identities.