Client screening and reporting obligation

Client screening

Depending on the degree of risk posed by a particular client or transaction, the auctioneer is required to conduct client due diligence under the Wwft.

Reporting obligation

Persons with the nationality of an EU/EEA country or Switzerland can have their identity verified on the basis of a valid national passport, a diplomatic passport or service passport, a valid Dutch identity card with passport photograph or a valid driving license with passport photograph whose holder resides in the Netherlands. Other persons may have their identity verified on the basis of a valid travel document or a valid alien's document. The auctioneer is obliged to report unusual money transactions that may be related to money laundering or the financing of terrorism to the Unusual Transactions Disclosure Office, officially called FIU-the Netherlands. This is pursuant to the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). This also applies to a proposed transaction that is not (yet) executed. Payments preferably by bank transfer. Cash payments can only be accepted according to current regulations and legislation see