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Professional or commercial providers of custodian wallets

Professional or commercial providers of custodian wallets* as mentioned in article 1:1a of The Money Laundering and Terrorism Financing (Prevention) Act (Wwft);

*The Wwft defines a custodian wallet provider as ‘’an entity that offers services to safeguard cryptographic private keys on behalf of its clients in order to hold, store and transfer virtual currencies **”

**The Wwft defines a virtual currency as "a digital representation of value that is not issued or guaranteed by a central bank or a public authority, is not necessarily attached to a legally established currency and does not possess a legal status of currency or money, but is accepted by natural or legal persons as a means of exchange and which can be transferred, stored and traded electronically"



Pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), it is compulsory for professional or commercial providers of custodian wallets to report unusual transactions. Such reports must be submitted to FIU-the Netherlands. On the first occasion that you submit an unusual transaction report, you must start by registering as a reporting entity. FIU-the Netherlands will then provide the necessary information and provide you with internet access to the reporting portal. Once your account has been set up, you can report unusual transactions over the internet. FIU-the Netherlands analyses all reports on a daily basis and determines which reports to pass on to the investigative authorities.

For reporting unusual transactions there are indicators: several objective indicators and one subjective indicator. If your report falls under one of the objective indicators, no further assessment is necessary on your part: you must report it. If the report does not fall under any of the objective indicators, the subjective indicator may apply. In that case, you assess the transaction for yourself and then decide whether it falls under the subjective indicator. But do take note: it is up to you to assess whether reporting is necessary, but if you do not report an incident when you should properly have done so, you will be held responsible.

The following indicators apply to your type of business:

Subjective indicator*

  • A transaction for which the entity has reason to believe that it might be related to money laundering or terrorism financing.

Objective indicators*

  • A transaction for a sum of €15,000 or more.
  • It is reasonable to assume that transactions reported to the police or the Public Prosecution Service in connection with money laundering or terrorism financing are also reported to FIU-the Netherlands. All entities registered with FIU-the Netherlands will be kept informed of any changes to the legislation or reporting procedures, trends, and other relevant developments.
 

*The English version is a translation of the official Dutch legislation and is for information purposes only. Any discrepancies or differences created in the translation are not binding and have no legal effect for compliance or enforcement purposes. In case of a discrepancy, the Dutch original legislative text will prevail.

Met gijzelsoftware, gijzelhack of ransomware wordt bedoeld dat criminelen andermans computers blokkeren of bestanden versleutelen. Vaak moet een bedrag in virtuele valuta, zoals bitcoins, betaald worden om de computer of bestanden weer terug te krijgen. Uit onderzoek blijkt dat in veel gevallen geen aangifte gedaan wordt bij de politie. Dit kan te maken hebben met schaamte, angst voor de criminelen of angst voor reputatieschade. Juist door de lage aangiftebereidheid en de ernst van de gepleegde feiten is het voor de opsporingsdiensten van groot belang om concrete aanknopingspunten aangeleverd te krijgen om onderzoek naar te doen. Hierin kunnen meldingsplichtige instellingen en de FIU-Nederland een cruciale rol spelen. 

Begin dit jaar werd een man aangehouden, verdacht van het witwassen van gelden, die criminelen uit hun illegale praktijken hadden verkregen. De man wisselde bitcoins om tegen contant geld. Daarbij vroeg hij niet naar de herkomst van de bitcoins en niet naar de identiteit van de aanbieder van de virtuele valuta. Alles gebeurde daarmee volledig anoniem. Nadat de verdachte en de zich aandienende verkopende partij elkaar op een afgesproken plek ontmoetten, werd de deal afgehandeld.

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