Regulatory Alerts2023-07-12
Added · Updated
Non-cash to cash transactions
Exchange institutions are prohibited from accepting non-cash funds and subsequently disbursing cash, as this constitutes money remittance rather than a money exchange transaction. This activity requires licensing as a payment institution under the Financial Supervision Act (Wft), subjecting providers to stricter notification requirements, such as reporting money remittances of EUR 2,000 or more to FIU-NL. Authorized exchange institutions may not perform payment services, although payment institutions may effect exchange transactions under specific circumstances.