Regulatory Alerts2023-07-12
Added · Updated
Customer Identity Verification for Currency Exchange Transactions
Exchange institutions must establish and verify customer identity for cash transactions involving the exchange of one currency to another, specifically for amounts of EUR 2,000 or more. This requirement applies to combat money laundering and terrorist financing risks associated with anonymous cash transactions, including those below the standard EUR 15,000 threshold for one-off transactions. Institutions are also required to perform sanctions checks and notify the Financial Intelligence Unit (FIU-NL) without delay for transactions of EUR 10,000 or more.