Obligation to report
Under the term ‘entity’, Article 1 of the Wwft sets out which entities are subject to the Act. The term ‘entity’ includes both legal persons and natural persons. In addition, within some entities certain services and acts are exempted from the obligation to report.
FIU- the Netherlands distinguishes between registered entities with an obligation to report and registered users representing these entities. If you are the first or only person registered as a representative of a given entity, you are designated the main user. If you register as a representative of an entity that is already registered, you are designated a sub-user.
- Fill in the registration form on the reporting portal, choosing your own username and password.
- Because you are the main user, you must add a copy of your passport or ID card and confirm that you are indeed authorized to report unusual transactions for your company. Click here for an example of this document.
To register a user for an entity that has already been registered:
- Fill in the registration form on the reporting portal, stating the correct Reporting ID. This ID (a number) can be supplied by the main user for your entity, who can find it on the reporting portal under ‘My Reporting Portal’.
Once FIU- the Netherlands has received and approved the registration form – and in the case of the main user, also the copy of your passport or ID card and the confirmation of authorization – you will be notified by email. You can expect to hear from us within five working days. From then, you can log in to the reporting portal, using the username and password you filled in on the registration form. It is therefore very important to remember these login details.
Once you have registered, you can report unusual transactions to FIU- the Netherlands. This must always be done through the reporting portal, and the reporting procedure must comply with the requirements set out in Article 16 of the Wwft. We advise you to read the instructions on the reporting portal carefully the first time you report an unusual transaction in this way.
2. There are two possible ways to report: either you fill in a report form, or you submit an XML report form. The latter method is compulsory for some reporting groups and is also suitable for bulk reports. Contact us if you have any questions about this.
Failure to report
Under the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), entities are under an obligation to report unusual transactions, both completed and intended transactions. Any entity that fails to do so is in breach of the Wwft. If, whether intentionally or unintentionally, an entity fails to meet the obligation to report, it commits an economic crime that has certain consequences, pursuant to Article 1 of the Dutch Economic Offences Act (Wet op de economische delicten, WED).
On the basis of the information available about an entity’s reporting behaviour, FIU- the Netherlands can decide to investigate the matter further and, in the event of a possible failure to report, can alert the relevant supervisory authority. Pursuant to the Financial Supervision Act (Wet op het financieel toezicht, Wft), if an entity fails to comply with the Wwft Act (obligation to report), a supervisory authority can impose a sanction, penalty, or fine. In addition, the Public Prosecution Service can decide to prosecute for failure to report.