Your challenges.
Payment institutions and electronic money institutions need a licence from DNB (the Dutch central bank) and are subject to the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). You want to onboard merchants and users quickly. At the same time, you must know who you are doing business with and document it properly.
What we look at
Merchants and users want to get started quickly. The investigation still has to be complete.
What does the merchant really do, and who is behind it?
Merchants, directors and UBOs checked against current lists, also after onboarding.
Transactions that do not fit the profile, and files that are reassessed on time.
Frequently asked questions
Is a payment institution subject to the Wwft?
Yes. Payment institutions and electronic money institutions fall under the Wwft and must carry out customer due diligence.
Who grants the licence?
In the Netherlands, DNB grants the licence to payment institutions and electronic money institutions. For payment institutions, PSD2 is the European framework.
Can BlueMonks reassess existing merchant files?
Yes. We put existing files in order using a fixed method, including larger numbers of files.