The Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft) imposes increasingly stringent requirements on companies to prevent financial crime. The Dutch Central Bank (DNB) emphasizes the importance of technological innovation and data-driven supervision to effectively manage integrity risks in its Vision on Supervision 2025 – 2028.
To comply with this legislation, many organizations invest in smart tools that meet the latest laws and regulations. They also assist in a risk-based approach to customer acceptance and transaction monitoring. But which tools do you need to be Wwft-compliant?
Identity Verification: Know Your Customer
Establishing a customer’s identity is one of the core requirements of the Wwft. Some frequently used tools for this include:
- IDIN – Customers identify themselves easily through their trusted banking environment.
- Checkin.com – Advanced identity verification via document checks and biometrics.
- Email and phone validation – Prevents fraud by verifying contact information.
IBAN-Name Check: Financial Security
To verify the origin of money flows and reduce fraud risks, an IBAN-Name-Überprüfung is essential. With IBAN verification, you ensure that an IBAN is in use and know whose name it is under. An instant check with the bank, without the need for customer involvement. This helps easily detect typos during data entry and prevents IBAN fraud, failed direct debits, database contamination, and payment errors.
PEP and Sanction List Checks: Screening High-Risk Clients
To prevent money laundering and fraudulent activities, customers must be checked against:
- Politically Exposed Persons (PEPs) – Individuals with an increased risk of corruption.
- International sanction lists – Contain entities and individuals with restrictive measures.
- Adverse media sources – Signals involvement in suspicious activities.
CCBR Check: Verify Legal Authority
With a CCBR check (Central Curatorship and Protective Administration Registry), you know if a client is under guardianship or administration. It saves a company from hassles later on, including the financial damage associated with undoing all (invalid) actions.
Legally Binding Digital Signatures
All contracts and agreements must be signed to be legally binding. This can be done with:
Scrive digital signatures – Secure, efficient, and compliant with eIDAS and the Wwft.
Wwft-Compliant with Bluem
Bluem offers a set of tools that help your organization comply with the Wwft, from identity verification und IBAN checks to digital signatures und sanction list screening. With these integrated solutions, organizations can operate safely and efficiently within the applicable laws and regulations.
Want to know more? Contact us and discover how Bluem can optimize your compliance processes!
