Regulatory Alerts2022-09-16
Added · Updated
Sanctions check
Exchange institutions must perform a sanctions check for every currency exchange transaction involving EUR 2,000 or more, and for all transactions exchanging euro amounts between denominations. This obligation requires prior identification of the customer and verification against EU, Dutch, and UN sanctions lists. In the event of a sanctions list hit, institutions must refuse the transaction, freeze outstanding balances, and report the incident to the regulator and FIU-NL.
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