Mandatory Central Register for Institutions Regulated under the Wwft

Overview

Institutions regulated under the Wwft (Anti-Money Laundering and Anti-Terrorist Financing Act) are required to maintain a central register. This article outlines the key requirements for setting up this register, including data storage, search functionality, administration, and access.

Institutions Subject to Requirements

While the text does not provide an exhaustive list of banks and bank branches required to maintain the central register, it implies that institutions regulated under the Wwft are subject to these requirements. This includes:

• Banks
• Bank branches
• Other financial institutions regulated under the Wwft

Register Requirements

The central register should meet the following requirements:

Data Storage

1. The register will contain data recorded pursuant to Section 33 of the Wwft.

Search Functionality

2. The register should be set up in a way that allows searching by:
   • Name
   • Number or code key

Administration and Access

3. An administrator for the register is required.
4. Access to the register should be granted to the Compliance department.

Summary

To ensure compliance with Wwft regulations, institutions subject to these requirements must set up a central register that meets the specified standards. This includes:

• Institutions regulated under the Wwft are required to set up a central register.
• The register should contain data recorded pursuant to Section 33 of the Wwft.
• The register should be searchable by name and number or code key.
• An administrator for the register is required, and access to the register should be granted to the Compliance department.