News

Dutch Finance Minister Signals AML Reporting Overhaul

Koos Couvée
London Bureau Chief

Dutch officials want to bring their country's system for flagging suspected financial crimes in line with the rest of the EU by no longer requiring financial institutions to report any transaction that on first glance appears "unusual," lawmakers heard Wednesday. Thanks to the low threshold, which underpins a system that tasks the national financial intelligence unit, FIU-the Netherlands, with determining which transactions qualify as truly suspicious and thereby warrant further review by law enforcement, the country often tops the EU in number of reports that banks and other institutions file on potentially illicit funds. Finance Minister Eelco Heinen suggested to...

TO READ THE FULL STORY
Subscribe Learn More