Electronic money institutions

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As an electronic money institution, you must comply with all kinds of laws and regulations, including the Money Laundering and Terrorist Financing (Prevention) Act (Wwft), the Sanctions Act and the Electronic Money Directive (EMD). Our specialists closely monitor the developments in laws and regulations, and are happy to help you meet the legal requirements.

Electronic Money Directive (EMD)

As the name implies, the EMD applies to all electronic money institutions. The law stipulates that electronic money institutions have to meet a considerable number of legal requirements. Not only do they require a regulatory license, but there are also requirements regarding the control and integrity of their business operations, the reliability and suitability of (co-)policymakers, and the own funds that must be held. Also, their IT landscape and risk management must be adequately organized and their customers’ money has to be secure at all times. Charco & Dique can help electronic money institutions gain insight into the legal requirements, and advice them on how to meet these obligations.

Wwft compliance

Under the Wwft, electronic money institutions are required to conduct customer due diligence and report unusual transactions to the FIU. The law also prescribes that employees and policymakers of financial institutions must meet the periodic training requirements. Charco & Dique can help you to comply with these requirements.

We offer various Wwft courses, such as Wwft Awareness, Wwft customer investigation and Wwft transaction monitoring e-learnings. We are happy to adapt our courses to make them fit your organization’s policies and procedures.

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