Articles

  • GDPR – the Essence and Particularities
    The General Data Protection Regulation (GDPR) came into effect on 25 May 2018 after being adopted in April 2016. It creates a single European legal framework in personal data collection and processing standards and supersedes all the previous legislation on this matter such as Wet bescherming persoongegevens – old Dutch data protection law which was repealed on the same date the GDPR came into effect. The importance of GDPR is that the data can now be transferred around Europe under the same level of data protection. And, of course, it has many features which bring a great improvement from the… Read more: GDPR – the Essence and Particularities
  • Brexit in the context of the Customs Union
    In the early summer 2018 the United Kingdom the parliamentary discussions intensified on certain aspects of Brexit. They revolve around the plans of Great Britain to leave the European Union Customs Union as well as the single market, which allows some non-EU countries to benefit from the customs union’s advantages. As the announced date of Brexit is coming closer the debates go about the future of trade and border arrangements between the UK and the EU. Will there no longer be frictionless movement of goods between the UK and the EU? At this moment, 28 of the EU member states… Read more: Brexit in the context of the Customs Union
  • Current developments of cryptocurrencies’ regulation in Europe
    In less than one decade we have witnessed a steep rise of the whole new market, which from an instrument of exchange in narrow IT-communities developed into a financial instrument competing with more traditional ones in interest and agitation. The attention cryptocurrencies get does not always come from potential investors, participants of the market or IT and financial experts – but also from the states and their financial regulatory agencies, ministries and intergovernmental organizations. And those are the powers which can define the status of cryptocurrencies and their future development. For quite a while this has been a virtually unregulated… Read more: Current developments of cryptocurrencies’ regulation in Europe
  • New Anti-Money Laundering Directive and consequences of its implementation for the Netherlands
    On May 2015 the Directive (EU) 2015/849 on  the  prevention of  the  use  of  the  financial system  for  the  purposes of  money laundering  or terrorist financing (also known as 4th (AML) Directive) was adopted, but the EU Member States were given a two-year period for bringing their legislation into compliance with this Directive, and to take additional measures for the purpose of battling money laundering and terrorist financing. This had to be done by 26 June 2017. Due to the initial dissimilarity in national AML/CTF legislation across Europe and ways of regulating the area of financial, corporate and trust services,… Read more: New Anti-Money Laundering Directive and consequences of its implementation for the Netherlands
  • Transaction monitoring guidelines
    This guideline is intended to provide trust offices, i.e. members of Holland Quaestor and other interested parties, with practical suggestions for the monitoring of client transactions, principally for the control of their own integrity risks, but also in the implementation of what is expected from trust offices pursuant to laws and regulations. Download
  • Dutch bank ING enters $900 million settlement over compliance failures
    Dutch bank ING agreed to pay nearly USD $900 million to settle charges against its Netherlands branch related to money laundering and compliance failures in violation of the Anti-Money Laundering and Counter Terrorism Financing (AML/CTF) Act. The Dutch Public Prosecution Service (DPPS) charged ING after investigations revealed, “the bank failed to prevent bank accounts held by ING clients in the Netherlands between 2010 and 2016 from being used to launder hundreds of millions of euros.” Under the AML/CTF Act, ING was required to act as a gatekeeper in preventing crimes such as money laundering and terrorism financing. The AML/CTF Act requires financial institutions… Read more: Dutch bank ING enters $900 million settlement over compliance failures
  • Dutch central bank says trust office performances are ‘worrying’
    Trust offices, which manage letter box companies in the Netherlands, are not doing their job properly, according to the Dutch central bank. The central bank looked into 10 trust offices and concluded that only two were completely above board. Four lost their licences, two were fined and two others are the subject of further investigation to assess if their managers are ‘suitable and trustworthy’. The central bank said the results of its investigations are worrying. Trust offices used poor arguments to support their decisions to accept certain clients and had little concrete knowledge about the real origin of the assets they… Read more: Dutch central bank says trust office performances are ‘worrying’
  • Dutch Banks Face Larger Fines, Public Scrutiny for AML Violations
    The House of Representatives, the lower house of the Netherlands’ legislature, overwhelmingly voted in favor of amending the Law to Prevent Money Laundering and Terrorist Financing to raise the ceiling for AML-related penalties to 20 percent of an offending bank’s annual turnover if the violation in question occurred within five years of a previous enforcement action. The legislation would also allow the Dutch Central Bank to name financial institutions subject to enforcement actions and outline the nature and circumstances of their violations in the same manner as U.K., Irish and U.S. regulators. “Publishing enforcement actions is going to hit the… Read more: Dutch Banks Face Larger Fines, Public Scrutiny for AML Violations
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