Money Laundering and Terrorism Financing Prevention Act (WWFT) etc.
- Register providers of crypto services
Since May 21, 2020, providers of services for the exchange of virtual currency and fiduciary currency and/or providers of storage wallets for virtual currency (crypto service providers) are under the supervision of the Dutch Central Bank (DNB). Since this date, these crypto service providers may only conduct their activities if they are included in DNB’s public register. To this end, they must apply for registration with DNB and demonstrate that they meet the requirements of the Money Laundering and Terrorist Financing Prevention Act and the Sanctions Act 1977.
- Client research
The exchanges with which we do business all comply with KYC (Know Your Client) regulations. The exchanges are also registered in the relevant register or have an official exemption from it. Because we only provide administrative software that shares data with the relevant exchange/exchange via API (Application Programming Interface) that is linked by the client itself, we have not conducted an individual client survey.
- Duty to Report
We immediately inform the Financial Intelligence Unit (FIU) when money is suspected to be related to criminal activities. In addition, at the request of the FIU, we immediately provide all relevant and necessary information.
Note from KJK Consultancy:
Since we only provide administrative software for the purposes of the above and not the actual exchange of virtual currency for fiduciary currency and or vice versa, we have no registration requirement.