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Anti-Money Laundering and Terrorist Financing Act (AML CTF Act) in the Netherlands

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The AML CTF Act is a comprehensive legislation that aims to prevent money laundering and terrorist financing in the Netherlands. This article provides an overview of the key points related to record-keeping, reporting large currency transactions, customer identification and due diligence requirements, cross-border transactions reporting, and suspicious activity reporting.

Institutions with Two or More Policy Makers

Institutions that have two or more policy makers must appoint a day-to-day AML CTF Act policy maker who is responsible for ensuring compliance with the act. This individual will oversee the institution’s efforts to prevent money laundering and terrorist financing.

Key Points:

• Institutions with two or more policy makers must appoint a day-to-day AML CTF Act policy maker.
• The appointed policy maker is responsible for ensuring compliance with the act.

Recordkeeping and Reporting Large Currency Transactions

Institutions are required to maintain records of transactions, including cash exchanges over €10,000 and money transfers over €2,000. This helps to identify unusual patterns that may be indicative of money laundering or terrorist financing.

Key Points:

• Institutions must maintain records of transactions.
• Cash exchanges over €10,000 and money transfers over €2,000 are subject to record-keeping requirements.
• Other indicators, such as objective or subjective indications suggesting a link to money laundering, may also trigger reporting requirements.

Reporting Unusual Transactions

Institutions must report unusual transactions to the Financial Intelligence Unit (FIU). This includes both objective indicators, such as cash exchanges or money transfers above certain thresholds, and subjective indicators that suggest a potential link to money laundering or terrorist financing.

Key Points:

• Institutions must report unusual transactions to the FIU.
• Objective indicators include cash exchanges or money transfers above certain thresholds.
• Subjective indicators suggesting a potential link to money laundering or terrorist financing may also trigger reporting requirements.

Cross-Border Transactions

Cross-border transactions are subject to the AML CTF Act and require reporting if deemed unusual by the institution. This helps to prevent money laundering and terrorist financing that may involve multiple countries.

Key Points:

• Cross-border transactions are subject to the AML CTF Act.
• Reporting requirements apply if a transaction is deemed unusual by the institution.

Customer Identification and Due Diligence

Institutions must follow simplified, standard, or enhanced procedures for customer identification and due diligence based on the risk level of the client or transaction. This helps to ensure that institutions are aware of their customers’ identities and activities.

Key Points:

• Institutions must follow simplified, standard, or enhanced procedures for customer identification and due diligence.
• The procedures used depend on the risk level of the client or transaction.

Prohibition of Shell Banks

Correspondent relations with shell banks are prohibited, including those that allow shell banks to use their accounts. This helps to prevent money laundering and terrorist financing through these types of banks.

Key Points:

• Correspondent relations with shell banks are prohibited.
• Institutions are not permitted to establish relationships with shell banks or allow them to use their accounts.

Suspicious Activity Reporting

Transactions deemed unusual by the institution must be reported to the FIU. Institutions are exempt from liability for damages caused to clients due to good-faith reporting.

Key Points:

• Transactions deemed unusual by the institution must be reported to the FIU.
• Institutions are exempt from liability for damages caused to clients due to good-faith reporting.

For detailed information or specific requirements, please refer to the original text provided in the question.