On 25 July 2018 the Act implementing the Fourth Anti-Money Laundering Directive (AMLD4) entered into force. The key elements of the Wwft are client due diligence, the reporting obligation and the record-keeping obligation.
When are you subject to the Wwft?
As an estate agent or broker, you are subject to the Wwft if you act as an intermediary in concluding agreements relating to real property and rights in it. This covers services directly or indirectly related to buying and selling. Valuing real property in a professional or commercial capacity also falls under the Wwft.
The obligations are:
- for an estate agent or broker: at least client due diligence and reporting an (intended) unusual transaction;
- for a valuer: reporting an (intended) unusual transaction.
Specific Wwft guidelines for estate agents and valuers
Estate agents and valuers must have Wwft guidelines, documented process descriptions for risk assessments and an independent compliance officer.
Client due diligence
A key part of client due diligence is establishing and verifying the identity of the ultimate beneficial owner (KYC, Know Your Customer). If clients act on behalf of a legal entity, you also identify the UBO (Ultimate Beneficial Owner). Based on a risk assessment, you decide whether enhanced due diligence is required.
Reporting unusual transactions
You report unusual transactions to the Financial Intelligence Unit Netherlands (FIU-Nederland). You check your own transactions in advance against the Sanctiewet (Dutch Sanctions Act).
Comply with the Wwft with ease
With our compliance-as-a-service solution, the SCOPE CDD On Demand software (10% discount for clients) and Compliance Officer as a Service, you take care of the Wwft for a fixed monthly fee.