Regional Guide

Guide Sanction Scanner


Global AML Guide

1. Are there any sanctions imposed against Netherlands?
    There are no sanctions imposed on Netherlands.
2. What are the regulated institutions in Netherlands?
    Banks, investment institutions, investment firms, mediators in life insurance, payment service agents, electronic money institutions, currency exchange offices, lawyers, accountants, tax advisers, notaries, pawnshops, gaming casinos, trust offices etc.
3. Who are the local regulatory authorities in Netherlands, and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    Central Import and Export Office (CDIU) Ministry of Foreign Affairs. Ministry of Finance. Netherlands Authority for the Financial Markets, The Dutch Central Bank, The Financial Supervision Office, The Dutch Authority for the Financial Markets.
4. What is the status of Netherlands's FATF?
    Netherlands member of the FATF since 1990. Also, Netherlands is the member of the Co-operating and Supporting Nations (COSUNs) of CFATF. The Netherlands is not on the FATF List of Countries that have been identified as having strategic AML deficiencies.
5. Which global regulations Netherlands have to comply with?
    Netherlands have to comply with UN sanctions because of Netherlands is the member of European Union.
6. What are the AML obligations of the businesses in Netherlands?
    Depending on the type of financial institution as mentioned in Article 1a Wwft, businesses have five core obligations; Taking measures to identify and assess its risks of money laundering and terrorist financing, including the recording of the results of such assessment. Conduction a thorough customer due diligence prior to entering into a business relationship or conducting transactions. Reporting of unusual transactions with the Financial Intelligence Unit, on the basis of objective or subjective indicators. Providing periodic training to employees in order for them to be able to recognise unusual transactions and conduct a proper and comprehensive CDD. Adequate record-keeping of risk assessment/CDD and reporting of unusual transactions and providing these results to regulators upon request.
7. What are the local AML laws and regulations in Netherlands?
    Sanctions Act 1977, Article 51 of DPC, Article 420bis DPC, Article 70 of the DPC, Article 72 of the DPC, Article 1a Wwft, Articles 1f-2d Wwft, Articles 3-11 Wwft, Articles 12-23a Wwft, Article 35 Wwft, Articles 33-34 Wwft.
8. What are the penalties for failure to comply with anti money laundering law in Netherlands?
    Depending the amount of money laundering, maximum penalties from; imprisonment could be three years to eight years. Fines are, EUR 21,750 to EUR 87,000.
9. What are the contact details of the relevant regulators in Netherlands?
    Central Import and Export Office (CDIU)
    P.O. Box 30003 NL-9700 RD Groningen.
    T: (+31) 88 151 21 22

    Ministry of Foreign Affairs and the Ministry of Finance
    T: (+31) 77 465 67 67
10. Are violations of anti-money laundering obligations also subject to criminal sanctions in Netherlands?
    Yes. According to the Wwft, violations of anti money laundering obligations also subject to criminal sanctions.
10. What can obliged institutions do to prevent money laundering and to comply with AML regulations in Netherlands?
    In Netherlands, incumbent entities need to have a good understanding of the regulations and also follow these frequently changing regulations. They should implement measures such as Know Your Customer, Customer Due Diligence, Transaction Screening, and Transaction Monitoring. With its AML solutions, Sanction Scanner can provide services to all organizations in Netherlands in accordance with their obligations. Companies operating under AML obligation in Netherlands can quickly and easily meet their AML needs with Sanction Scanner solutions. For more detailed information, you can talk to us or request a demo.