Yes – Customer Due Diligence is not required for cash transactions under EUR15,000 for institutions overseen by the tax authorities or in
the case of incidental relationships, for institutions overseen by the BFT.
can be identified by passport or other identification document.
have to be identified by extracts from the Chamber of
Commerce or by notary deed. Copies have to be made and archived in files. There are no additional requirements stated in local regulations
or guidance, except for companies or clients outside the Netherlands.
Ultimate Beneficial Owners need to be identified for legal entities - their identity needs to be verified based on independent, reliable documents. Both identification and verification can be performed in a risk-based manner.
Based on the risk profile of the client, products, services and client-product combination.
For PEPs resident in other states.
Enhanced due diligence is required for all correspondent banking relationships outside the EU, whereby a number of factors need to be taken into account including, but not limited to: (a) gather sufficient information to obtain a full picture of the nature of the bank’s activities; (b) evaluate reputation of bank and quality of oversight based on publically available information; and/or (c) evaluate procedures and measures to prevent money laundering and terrorist financing.
It is forbidden to enter into a correspondent banking relationship with a shell bank. In addition it is not allowed to enter into or continue a
correspondent banking relationship with a credit institution that allows shell banks to use their accounts.
Identification in person is not obligatory in all circumstances. In summary, payment of the services has to be done from a bank account.
There are no additional requirements in local regulations or guidance. If identification cannot be done face-to-face this is regarded a high
risk, which needs to be adequately mitigated.
Financial Intelligence Unit-Nederland
Both objective and subjective indicators are applicable which do not only cover suspicious transactions.
Objective and Subjective indicators.
There are penalties for non-compliance with the legal requirements.
Monitoring of the business relationship needs to be performed by the institution itself
All Dutch citizens from the age of 14 are required to be able to show a valid identity document when the police or other enforcement officers ask for identification. The identity card is commonly used for this purpose, but other identity documents such as a passport or driving licence may be used instead. The Dutch identity card is also a valid means of personal identification in a number of countries outside the Netherlands and may be used as a travel document in those countries in place of a Dutch passport.
The Law does not explicitly exclude any types of agreements.
Article 3:15a provides that an electronic signature has the same legal effect as a handwritten signature provided certain conditions are met.
Summary of Law.
Following the EU Directive on Electronic Signature, Dutch Law encompasses both electronic and digital signatures. It is considered a two-tier jurisdiction because it gives digital signatures the same status as handwritten signatures but also recognizes simple electronic as legal and enforceable. Countries that follow this model give companies the opportunity to select different forms of signatures and customize their business processes based on the form that is most convenient and appropriate for each use case. The law specifically states that an electronic cannot be considered unreliable solely because it is not based on a qualified certificate ( a fundamental element of digital signatures). In practice, parties are generally permitted to agree on the method and form of agreement.
DNB, tax authorities, Bureau Financieel Toezicht (BFT)
Notary deeds are required for companies and persons abroad, except for US and UK citizens.