On 25 July 2018 the amended Money Laundering and Terrorist Financing (Prevention) Act (Wwft) and the Wwft Implementation Decree 2018 (Implementation Decree) entered into force. These laws and regulations impose a number of important duties on (among others) banks. Not only do banks have to report unusual transactions, they are also required to conduct customer due diligence and carry out checks on their customers and the transactions performed. This applies all the more if the client’s activities involve a higher risk of money laundering. In recent years, this has led to a sharp increase in the number of employees at banks in the area of CDD/ KYC. Click Here to Read More.