On December 11, 2018, the Ministry of Finance and the Ministry of Justice and Security published a consultation paper on the draft bill that makes amendments to the 4th Anti-Money Laundering Directive (4th AMLD).
Pursuant to the draft bill, implementation of these amendments (5th AMLD) will result in changes to the Anti-Money Laundering and Terrorist Financing Act (Wwft), such as including provisions on the anonymous nature of virtual currencies, which are exposed to higher risks of money laundering or terrorist financing. The bill also introduces a legal obligation for exchange service providers and custodian wallet providers to undertake customer due diligence and report suspicious transactions to the Financial Intelligence Unit (FIU) Netherlands.
Request a Free Trial
As a trusted source of regulatory intelligence for the global payments industry, we enable organisations to manage the growing volume and velocity of regulatory risk with confidence, empowering more informed and effective decision making, in an efficient and cost-effective way.Take a Trial