The WWFT stands for the Money Laundering and Terrorist Financing Prevention Act.
The purpose of this law is to prevent illegally obtained funds from being laundered. This legislation also tries to prevent money from being used to finance terrorist activities. The current version of this law in the Netherlands is based on the Fourth Anti-Money Laundering Directive Implementation Act. This law entered into force on July 25, 2018.
Finsens Real Estate mediates for the customer with regard to the sale, rental and purchase of a home which means that we also have obligations due to the WWFT. The most important obligations for us are that we must perform a client due diligence and we have a duty to report. According to the WWFT, we are not allowed to start an assignment before the customer due diligence has been done. In short, customer due diligence means that we establish, check and record the identity of the customer. We ask for a copy of the proof of identity to carry out the customer due diligence.
The customer due diligence applies not only to the selling party, but also to the buying / renting party. If a suspicion of money laundering or terrorist financing arises, we are obliged to report this.
Finsens Real Estate must report a (proposed) unusual transaction to the FIU. You can think of, for example, when a buyer wishes to make a transaction of an amount of € 15,000 or more in cash. A sanction, a penalty or a fine can be imposed on the institution for non-compliance with the WWFT.
If you would like to receive more information about our obligations as a real estate agency, please refer to the website www.complynow.eu.
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29-05-2020 — Een funda gebruiker