Knowledge
KYC explained.

Clear explanations of KYC, customer due diligence, the Dutch Wwft and the EU AMLR. Written by the analysts of BlueMonks.

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KYC basics · 3 min read What is KYC? KYC means Know Your Customer: establishing who your customer is and what risk they bring. What the Wwft requires, which steps are involved and what changes with the AMLR. Laws and regulations · 4 min read What is the Wwft? The Wwft is the Dutch anti-money laundering act. See who it applies to, which obligations it brings, who supervises compliance and what changes with the AMLR. KYC basics · 4 min read What is a UBO? A UBO is the natural person who ultimately owns or controls an organisation. What the 25% threshold means, what a pseudo-UBO is and how you establish the UBO. KYC basics · 4 min read UBO declaration: what is it and when do you request one? A UBO declaration is a statement from your business customer about who its UBOs are. What it should contain, when to request it and why you always verify it. UBO research · 4 min read Requesting a UBO extract from the KvK A UBO extract from the KvK shows who is behind an organisation. Who may still access it since 2022, how to request it and what to do about a discrepancy. Laws and regulations · 4 min read Wwft check: are you Wwft-obliged? Use this Wwft check to see whether your organisation falls under the Dutch AML act. An overview of obliged professions and institutions and the first steps. PEP screening · 4 min read What is a PEP? A PEP is a politically exposed person. Who counts as one, why the risk is higher, what enhanced due diligence the Wwft requires and how long the status lasts. KYC basics · 4 min read Enhanced due diligence (EDD): when and how Enhanced due diligence is required where the risk is higher, such as with PEPs and high-risk countries. When it applies, the extra measures and what to record. Laws and regulations · 4 min read AMLR 2027: what changes for your KYC? The AMLR applies across the EU from 10 July 2027 and is directly applicable. What the regulation is, the role of AMLA and how to prepare your KYC process now. Working in KYC · 4 min read What does a CDD analyst do? A CDD analyst investigates customers for organisations subject to the Wwft. What the work involves, which skills you need and how you grow to senior level. Compliance · 4 min read What is compliance? Compliance means adhering to laws, rules and internal policy. What it involves in financial services, what a compliance officer does and how you organise it. KYC basics · 5 min read What is customer due diligence? Customer due diligence is the Wwft duty to know who your customer is. What you establish, when it is mandatory, which levels exist and what you have to record. KYC basics · 4 min read Simplified customer due diligence: when is it allowed? Simplified due diligence is only allowed if the risk is demonstrably low. When it applies, when it does not, what you must still do and what the AMLR changes. Laws and regulations · 4 min read What is an unusual transaction? An unusual transaction meets a statutory indicator. An explanation of the objective and subjective indicators, with practical examples and what you must do. Compliance · 4 min read Reporting an unusual transaction to FIU-Nederland How to report an unusual transaction to FIU-Nederland: when, via goAML, which data the report must contain, what happens next and why you must stay silent. Laws and regulations · 5 min read Reporting obligation under the Wwft: what, when and how The Wwft reporting obligation: when a transaction is unusual, how quickly you report to FIU-Nederland, what a report contains and why the client must not know. Laws and regulations · 5 min read Record-keeping under the Wwft: how long do you keep data? Record-keeping under the Wwft: which due diligence data you keep, when the five-year period starts, when you must destroy data and what the AMLR changes. Compliance · 5 min read Wwft breaches: which sanctions do you face? What do you risk for a Wwft breach? Which measures supervisors take, how high an administrative fine can be, when it is made public and what criminal law adds. Laws and regulations · 5 min read The Wwft for estate agents When does the Wwft apply to a Dutch estate agent? Learn which due diligence you carry out, including on the other party, what to report and who supervises. Laws and regulations · 5 min read The Wwft for accountants and tax advisers When do accountants, tax advisers and bookkeeping firms fall under the Dutch Wwft? What the BFT expects, what to report and when an exemption applies. Laws and regulations · 5 min read The Wwft for civil-law notaries and lawyers When do Dutch civil-law notaries and lawyers fall under the Wwft? Which work counts, who supervises, how the litigation exemption works and when to report.