On 4 February 2020, the De Nederlandsche Bank (DNB) published an updated guidance document on the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme) and the Sanctions Act 1977 (Sanctiewet 1977). The new version stems from December 2019; the previous version of the guidance document was published in April 2015 and now no longer applies.
01 Apr 2020
The guidance document mainly incorporates the amendments that have been made to the Wwft as a result of the implementation of the Fourth Anti-Money Laundering Directive (EU/2015/849) (Vierde anti-witwasrichtlijn), which came into effect in the Netherlands on 25 July 2018. In addition, the guidance document no longer addresses the requirements relevant for trust offices (this will be dealt with separately by DNB).
This guidance document is not a legally binding document or a policy rule. The examples provided in the guidance document are not exhaustive and serve as a guide for the explanation and application of legal obligations. DNB notes that the guidance document is currently being translated into English and will be available soon.
This article was originally published in the February edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom