THE NEED FOR PROPER TRANSACTION MONITORING IN THE TRUST SERVICE PROVIDER COMPANIES IN THE NETHERLANDS

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Published: Dec 2, 2021

  Diana Liepa

Abstract

The transaction monitoring process plays a vital role in combating money-laundering and terrorism  nancing. The Dutch trust service providing companies are dealing with the execution of the transactions on daily basis and are required to implement proper, de ned and uniform policies procedures in order to be able to timely detect the possible unusual and/or suspicious transactions and report them to the national Financial Intelligence Unit. The effective transaction monitoring policies should contain systematic controls, processing of data, analyzing and matching such data with possible risk factors, certain measures for detecting and preventing the transaction being executed. The trust companies should integrate such transaction monitoring policies in their daily business and consider such compliance policies as integral part of the business.

How to Cite

Liepa, D. (2021). THE NEED FOR PROPER TRANSACTION MONITORING IN THE TRUST SERVICE PROVIDER COMPANIES IN THE NETHERLANDS. Baltic Journal of Legal and Social Sciences, (2), 4-9. Retrieved from http://www.baltijapublishing.lv/index.php/bjlss/article/view/1354
Article views: 56 | PDF Downloads: 72

##plugins.themes.bootstrap3.article.details##

Keywords

transaction monitoring, unusual transaction, trust service company, anti-money laundering, compliance, FIU

References
1. The Guardian, ” What are the Panama Papers? A guide to history’s biggest data leak” (News Article, 5 April 2016) last accessed 24 April 2017.
2. Organized Crime and Corruption Reporting Project (OCCPR), ”The Russian Laundromat” last accessed on 24 April 2017.
3. Forbes, “The Best Countries for Business 2017”, last accessed on 24 April 2017.
4. Trust Of ces (Supervision) Act of 17 December 2003 (Wet toezicht trustkantoren (Wtt)). See in Dutch at: < http://wetten.overheid.nl/BWBR0016189/2015-01-01> last accessed 24 April 2017.
5. Money Laundering and Terrorist Financing (Prevention) Act of 18 July 2008 (Wet ter voorkoming van witwassen en  nancieren van terrorisme (Wwft) Article 16. See in Dutch at: last accessed on 24 April 2017.
6. Dutch Central Bank, “Concept Good Practices Transactiemonitoring bij Trustkantoren” (DNB Oktober2016) 4, see in Dutch at last accessed on 24 April 2017.
7. Regulation on sound operational management relating to the Act on the Supervision of Trust Of ces of 15 July 2014 (Regeling integere bedrijfsvoering Wet toezicht trustkantoren 2014 (Rib-Wtt)), see in Dutch at: last accessed on 24 April 2017.
8. FIU Nederland, last accessed on 24 April 2017.
9. Michael Shepard from Delloite Financial Advisory Services LLP, “AML Risk Assessments & Suspicious Activity Transaction Monitoring” (28 July 2009, Presentation). See at: last accessed 24 April 2017.
10. ComplyAdvantage, “What is AML Transaction Monitoring” last accessed on 24 April 2017.
11. Pricewater house Coopers, “From source to surveillance: the hidden risk in AML monitoring system optimization”(September 2010) 2-3.