THE WWFT SUPERVISOR AUDITING YOUR COMPANY
The Dutch act regarding anti-money laundering and combating terrorism financing is called “Wet ter voorkoming van witwassen en financieren van terrorisme” and abbreviated Wwft.
It is becoming increasingly important for companies to be able to show that they are doing business with reliable counterparties. The Anti-Money Laundering and combatting Terrorist Financing Act (Wwft) aims to prevent Wwft institutions and their clients from doing business with persons, companies or countries with criminal or terrorist intentions. Companies must conduct a risk-based client due diligence investigation and report unusual transactions to the Financial Intelligence Unit (FIU) of the Tax Authorities. The Wwft is based on the European anti-money laundering guidelines.
Compliance with the Wwft is increasingly being monitored by the Wwft supervisors: De Nederlandse Bank (DNB), the Netherlands Authority for the Financial Markets (AFM), Bureau Financieel Toezicht (BFT) and the Bureau Wwft of the Tax authorities.
More and more frequently they audit companies, often without notice. If companies do not meet their legal obligations, they risk a hefty fine, a penalty or even criminal prosecution.
DOES YOUR COMPANY FALL UNDER WWFT SUPERVISION?
The following institutions are covered by the Wwft and must conduct customer due diligence and report unusual transactions:
banks; credit institutions; securities investment firms; investment institutions; money transaction offices (exchange institutions); providers for money transaction offices; life insurers; insurance intermediaries who mediate in life insurance; credit card companies; casinos; traders in high value goods; other traders; accountants; lawyers; business advisers; tax advisers; real estate brokers; real estate agents; notaries; independent legal advisors; trust offices; investment firms; branches of financial companies with their registered offices abroad; payment service agents; payment service providers; electronic money institutions; natural persons, legal person or company that provides an address or postal address professionally or commercially; and appraisers.
HELP WITH PROBLEMS WITH SUPERVISORS
Under political pressure, regulators are becoming increasingly active when performing their investigations at Wwft institutions.
Do you need help and / or support during, or after, a supervisor’s investigation? Please contact us.
AID FOR IMPLEMENTATION / DRAFTING WORK POLICY (Money Laundering and Terrorist Financing Act)
Wwft institutions must have an internal policy with regard to the implementation of the Wwft.
A lot has changed as a result of the implementation of the European 4th Anti-Money Laundering Directive in the Wwft 2018 and the Wwft Implementation Regulations. In many cases, Wwft institutions still have to adjust their policies.
These are the most important 4 changes:
COMPULSORY TRAINING OF EMPLOYEES
Employees of Wwft institutions must be regularly trained about the operation of the Wwft and the institution’s own policy.
What can Booij Legal & Tax do for you?