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Payment service provider

Payment service provider as defined in Section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht, Wft);

Branch office in the Netherlands of a payment service provider with its registered office outside the Netherlands (Wft Act Section 1, subsection 1, part a, sub-subsection 9 in conjunction with sub-subsection 20).*

Pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), it is compulsory for payment service providers 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 that involves the exchange of cash into other currencies or from small to large denominations of banknotes.
  • A cash deposit for a sum of €10,000 or more in favour of a credit card or a prepaid instrument of payment (prepaid card).
  • The use of a credit card or a prepaid instrument of payment (prepaid card) in connection with a transaction for the sum of €15,000 or more.
  • A money transfer for a sum of €2000 or more, unless it is a money transfer by an entity that leaves the processing of the money transfer in question to another entity that is also subject to the obligation to report, as stipulated in Section 16, subsection 1 of the Wwft Act.
  • 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.

    In het begin van dit jaar heeft de rechtbank Den Haag uitspraak gedaan in een niet alledaagse zaak. Een man moest zich bij de rechtbank verantwoorden vanwege illegaal bankieren, in de financiële wereld beter bekend als Hawala.

    Begin september 2020 werden een Colombiaanse vrouw en twee Albanezen door de rechtbank Amsterdam veroordeeld tot gevangenisstraffen van 3,5 tot 5 jaar voor het witwassen van bijna 13 miljoen euro. Een medeplichtige Colombiaan werd toebedeeld met 2 jaar gevangenisstraf voor zijn faciliterende aandeel. In de loop naar en tijdens het rechercheonderzoek werden zes netwerkdossiers door FIU-Nederland ter beschikking van het team gesteld. Al met al kwamen daarmee ruim 100 transacties van uiteenlopende aard ter beschikking van het onderzoek.

    Het openbaar ministerie legde deze maand een textielbedrijf een boete op van 205.000 euro wegens het niet melden van ongebruikelijke transacties en het onvoldoende uitvoeren van onderzoek naar de betrouwbaarheid klanten en herkomst van contanten waarmee de aankopen voldaan werden. Ook werd een feitenrelaas van het onderzoek waarin de naam van het bedrijf werd genoemd op de website van het OM gepubliceerd. 

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