On 25 May 2020, the Law of 22 April 2020 amending the Financial Supervision Act in connection with the automatic unlocking of identifying data via a central electronic system, as well as some other data by banks and other payment service providers (Banking Data Referral Portal Act) was published in the Official Journal.
18 Jun 2020
Banks and other payment service providers offering accounts with an IBAN identification number as referred to in the SEPA Regulation that contains the country code NL, and banks offering safes in the Netherlands, are connected to a central electronic system managed by the Minister of Justice and Security for the automated disclosure of identifying data relating to their clients, for the payment of claims and requests from designated authorities and officials.
Clients are defined as: persons who purchase financial products or safes from the banks and payment service providers referred to in the first paragraph and persons who can exercise control over these financial products or safes on their behalf.
Banks and other payment service providers shall provide data by means of the central electronic system referred to in the first paragraph to satisfy claims or requests for identifying data under or pursuant to: a. Sections 126a, 126nc, 126uc, 126zk, 126ii or 577bb of the Dutch Code of Criminal Procedure. Banks and other payment service providers shall make use of the citizen's registration number to request information from their own records for the purpose of providing the information referred to in the first paragraph, to the extent that they have such a number at their disposal.
Rules shall be laid down by or pursuant to an order in council on the administration of the central electronic system concerning the authorities and officers using the system, the data to be accessed by means of the system and the technical requirements to be met by the system and its connection to it.
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