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Trust Regulations and Payment Services: Dutch Law in 2019

Volume 6 No 3    /    Read Article

By Lous Vervuurt (guest author)

The Dutch government has taken steps in recent months to enhance regulatory oversight. The new Act on the Supervision of Trust Offices 2018 adopts serious best practices for trust companies designed to prevent Dutch entanglement in the next set of Panama Papers. KYC due diligence must be real. At the same time, the Second Payment Services Directive (“P.S.D. II”) was transposed into Dutch law. With customer permission, companies involved in payment service businesses will have greater access to information on spending habits of customers. This generates a win-win scenario – a miracle for companies engaged in marketing activities and insights for consumers into their spending patterns, enabling them to make better financial decisions. Lous Vervuurt of Buren N.V., the Hague, explains how the new rules work, including new standards of account security.   See more →