AFM starts follow-up investigation into transaction monitoring

According to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), institutions under the Wwft are required, among other things, to continuously monitor their business relationships (including clients). They must also monitor the transactions of their business relations and inform the FIU as soon as possible in the event of an unusual transaction.

The follow-up study, which started in June 2020, consists of six studies at individual investment institutions and investment firms. The authority checks, among other things, whether the companies draw up transaction profiles for their clients, apply detection rules to identify 'conspicuous' transactions and report promptly and properly to the Financial Intelligence Unit Netherlands (FIU).

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AFM starts follow-up investigation into transaction monitoring of investment firms and institutions

This article was originally published in the August edition of REGWATCH. Read the full edition covering the following jurisdictions:

• European Union
• Belgium
• France
• Germany
• Hong Kong
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• Luxembourg
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• United Kingdom