Pursuant to the Wwft Act, entities have an obligation to report intended or completed transactions that meet one or more of the indicators. An entity that fails to report an unusual transaction is guilty of violation of the Wwft. When an entity fails to report, either intentionally or unintentionally, it commits an economic crime that has certain consequences, pursuant to Section 1, sub 1, of the Dutch Economic Offences Act.
Based on the information available about an entity’s reporting behaviour, FIU-the Netherlands can further investigate the matter. If potential failure to report is involved, FIU-the Netherlands can report this to the relevant supervisory authority. Pursuant to the Financial Supervision Act, supervisory authorities can impose a sanction, penalty or fine if an entity fails to comply with the Wwft Act (obligation to report). In addition, the Public Prosecution Service can decide to prosecute for failure to report.