An undertaking can qualify as an exchange institution only if its intended activities constitute currency exchange transactions. A currency exchange transaction, as defined in Section 1:1 of the Financial Supervision Act (Wet financieel toezicht or Wft), includes:
This includes both the exchange of coins or banknotes of one currency for coins and banknotes of another currency and the exchange of coins or banknotes of a given currency for coins or banknotes of the same currency, for example the exchange of small for large denominations or vice versa.
The disbursement of coins or banknotes (in other words cash) on presentation of a credit card or in exchange for the handing over of a document issued by a payment service provider for the purpose of making funds available to a beneficiary (holder of the document), such as:
Payment service providers and payment institutions, and the services provided by each of them (including money transmission or remittance) are differently defined in the Wft, and subject to different licence requirement than exchange institutions. Although payment institutions (i.e. authorised payment service providers) may under specific circumstances effect exchange transactions, the reverse does not apply: an authorised exchange institution may not perform payment services, such as money remittance.
The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Read more FATF warning lists – February 2023 update
De Nederlandsche Bank (DNB) assesses incumbent and prospective policymakers, such as management and supervisory board members, for fitness to fulfil their duties and whether their propriety is beyond doubt. In conducting our assessments, we also take any antecedents into account.
Read more Continuous notification requirement for antecedents
The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.
Read more FATF warning lists – October 2022 update
Previous DNB policy statements may be read to mean that, in the context of sanctions screening, not all relationships must be screened. This is an incorrect conclusion, and DNB will therefore amend the relevant policy statements shortly.
Read more Sanctions screening
