On 20 May 2020, the De Nederlandsche Bank (DNB) informed on the entry into force of the connection obligation to the Referral portal Banking data.
18 Jun 2020
The Banking Data Referral Portal Act was adopted by the Upper House on 21 April 2020 and will enter into force shortly. Payment and electronic money institutions that offer accounts with a Dutch IBAN identification number are legally obliged to connect to this portal.
The Banking Data Referral Portal (VB) is a digital facility for the automated provision of identifying data that is requested by the competent investigative services and the Tax and Customs Administration. With this portal, the process of demanding identifying data and complying with a claim, which is now being done manually, is digitized. Payment and electronic money institutions are legally obliged to meet claims by investigative authorities and the tax authorities. After the law comes into effect, payment and electronic money institutions are also obliged to join the VB if they fall within the scope of the law.
The Banking Data Reference Portal Act introduces a connection obligation for payment and electronic money institutions that offer accounts with a Dutch IBAN identification number. Payment and electronic money institutions that in the future plan to offer accounts with a Dutch IBAN identification number must join before the start of this service and must take into account that realizing the connection takes time.
This article was originally published in the May edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom