Regulatory Alerts2023-07-12
Added · Updated
Exchange institutions – cash to non-cash transactions
Exchange institutions are prohibited from accepting cash to be credited to a customer's account, as this constitutes money remittance rather than an exchange transaction. This service requires a license as a payment institution under the Financial Supervision Act (Wft), as exchange institutions are not authorized to perform payment services. Additionally, money remittances of EUR 2,000 or more must be reported to FIU-NL.