It is extremely important for you as a business services provider to be well aware of correct compliance with the duties to report unusual transactions and fraud.
Business service providers’ duty to report unusual transactions pursuant to the Wwft is one of the most powerful tools in combating money laundering and terrorist financing, and monitoring compliance with these regulations is a policy priority for the FIOD and the Public Prosecution Service. It is important for you and your company to know that you can not inform your client or audit client of the fact that you have reported an unusual transaction to the FIU (known as a ‘tipping-off ban’).
Accountants have a duty to report pursuant to the Wta in the event of substantial fraud on the part of the audit client. As an accountant or auditor, you may only decline to report if a number of conditions stated in the Bta (Audit Firms (Supervision) Decree) have been fulfilled.
Legal assistance concerning compliance with Wwft and Wta
At Ploum, we can advise you on the obligations arising from the Wwft and the Wta. We will evaluate the case and let you know immediately where you stand, so you can be sure that you as a service provider are compliant and that you are acting correctly. If, in spite of all efforts, you are suspected of failure to comply with the obligations stated in the Wwft and Wta, we will of course advise and assist you during the subsequent criminal investigation.