Financial Supervision Act (Wft) and Act Prevention of money laundering and financing of terrorism (WWFT)

In the Financial Supervision Act (Wft), supervision of the Dutch financial sector is regulated. The Act on the prevention of money laundering and financing of terrorism (WWFT) is aimed at combating the money laundering of illegally obtained funds. The Dutch major banks – Rabobank, ABN -AMRO Bank, ING Bank – are very intensively involved in monitoring money flows of funds on its customers’ accounts. This is done by employees of the “Know Your Customer” department (KYC). If the money flows call questions, then questions are usually asked in writing, often followed by a telephone interview.

Consequences of a Wwft investigation

The consequences of a Wwft investigation can have far-reaching consequences for your logistics company. Freedom of contract also applies in the relationship between the bank and the account holder. The bank can unilaterally terminate the banking relationship with the customer by cancelling it. In doing so, the bank must exercise the required due care. This is weighed more heavily if the termination of the banking relationship results in the customer no longer having bank accounts, which paralyses business operations.

Due to the large cash flows, with both domestic and foreign parties, the logistics sector also has to deal with (increased) supervision by the banks. This can lead to questions about certain transactions from certain senders or forwarders.

Experience shows that there is also increased supervision and questions from the bank if your transport company or your storage company or your forwarding company has been mentioned negatively in the media. Banks also investigate media reports, which may lead to an investigation being initiated under the Wwft.

Transportrechtadvocaat is ervaren in de logistieke sector

Mr. Otto Lenselink heeft de afgelopen jaren meerdere bedrijven uit de logistieke sector geadviseerd die te maken kregen met een verscherpt toezicht van de bank, waarbij de bank in eerste instantie geen genoegen nam met de schriftelijke reacties van de klant, naar aanleiding van transacties die vragen opriepen.

Ook heeft mr. Otto Lenselink ervaring in het voeren van gerechtelijke procedures tegen (groot)banken ter voorkoming dat de bankrelatie werd beëindigd. Ook werd rechtsbijstand verleend aan ondernemers, die te maken kregen met een opname in het zogeheten Incidentenregister, het bijbehorende Extern Verwijzingsregister (EVR) en het Intern Verwijzingsregister (IVR), waardoor het ondernemen feitelijk onmogelijk werd gemaakt.

Request your free legal consultation

Need a lawyer for a Wft or Wwft investigation?

Transport lawyer Otto Lenselink is experienced in the field of corporate law and he will gladly provide you with advice. Please feel free to contact.

Would you like to be called back? Leave your details

We will contact you as soon as possible. You can reach us directly at +316-47892281, email info@transportrechtadvocaat.nl or send a Whatsapp message.

"*" indicates required fields