Bank as defined in Section 1:1 of the Financial Supervision Act (Wet op het financieel toezicht, Wft); not being a natural person, legal person, or corporation for which, on the grounds of Section 2:11, subsection 2, or Section 2:16, subsection 4, of that Act, no permit to exercise the operations of a bank is required;
Branch office in the Netherlands of a bank with its registered office outside the Netherlands (Wwft Act Section 1, subsection 1, part a, sub-subsection 9 in conjunction with sub-subsection 1).*
Pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), it is compulsory for banks 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:
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.