In some cases, financial service providers such as banks, insurance companies, civil-law notaries or tax consultants in the Netherlands, must investigate their clients and other parties concerned in order to confirm their identities. These cases are stipulated in the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en het financieren van terrorisme, Wwft).
Clients wishing to use your financial services must prove their identity. You must check their identity details and record them for at least 5 years. Furthermore, you must also establish the ultimate beneficiary of the service you provide, for instance by verifying who the actual directors or shareholders of a company are. For this purpose, you make your own risk assessment, based on your client’s background and the type of service they are requesting. You are free to choose how comprehensive your investigation will be.