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An entity that is not a bank, but carries out banking activities

An entity that is not a bank but carries out certain banking activities as listed in Annex I of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006.

Any person, not being a bank, who makes his principal business the carrying out of one or more of the activities listed under points 2, 3, 5, 6, 9, 10 and 12 of Annex I of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit entities (recast) (OJEU 2006, L 177);

Branch office in the Netherlands of any person, not being a bank, who makes his/its principal business the carrying out of one or more of the activities listed under points 2, 3, 5, 6, 9, 10 and 12 of Annex I of Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit entities and the prudential supervision of credit entities and investment firms (OJEU 2013, L176) (Wwft Act Section 1, subsection 1, part a, sub-subsection 9 in conjunction with sub-subsection 2).*

The relevant provisions of the Annex I of Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 are:*

2. Lending including, inter alia: consumer credit, mortgage credit, factoring, with or without recourse, financing of commercial transactions (including forfeiting)

3. Financial leasing

5. Issuing and administering means of payment (e.g. credit cards, travellers' cheques and bankers' drafts)

6. Guarantees and commitments

9. Advise to undertakings on capital structure, industrial strategy and related questions and advice as well as services relating to mergers and the purchase of undertakings

10. Money broking

12. Safekeeping and administration of securities

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 €10,000 or more that involves the exchanging 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.