Dealing with money laundering
Dealing with money laundering is very important for the effective fight against all forms of serious criminality. It is therefore crucial that the channels through which money laundering can be effected are protected against misuse for criminal purposes. This is the reason why requirements for financial enterprises are included in legislation. The AFM will conduct a review of compliance with the Money Laundering and Terrorism Financing (BES Islands) Act in the third quarter of 2018.
Under the Wwft BES, service providers acting as intermediaries for life insurance policies must carry out a review of customers for life insurances with annual premiums higher than USD 1,400 or lump-sum premiums in excess of USD 2,800. Service providers must also carry out a review of any customers for whom there are indications that the customer is involved in money laundering or the financing of terrorism (regardless of the amount of premium involved). Another important obligation concerns the reporting of unusual transactions to the Financial Intelligence Unit-Nederland (FIU-Nederland).
The AFM review
The AFM will conduct a review of compliance with the Money Laundering and Terrorism Financing (BES Islands) Act in the third quarter of 2018. A number of service providers were sent written requests for information in August for the purpose of this review. The AFM is also requesting client files and will evaluate these files. The responses to the request for information and the client files may give cause for further investigation of the service providers in question.
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