Dutch Banking Association releases new sector standard for CDD applied by banks engaging with crypto service providers
Crypto service providers (cryptodienstverleners) currently registered with the Dutch Central Bank (De Nederlandsche Bank, DNB) will soon have increased clarity regarding the customer due diligence required for their banking transactions. This clarity is being provided through the new sector standard established by the Dutch Banking Association (Nederlandse Vereniging van Banken, NVB) for risk-based customer due diligence in crypto service providers. The sector standard was developed following a series of roundtable discussions involving the Association of Bitcoin Companies Netherlands (VBNL), several of NVB’s members and DNB. With this sector standard in place, banks can conduct their customer due diligence in a risk-based manner, providing both banks and crypto service providers with a clear understanding of expectations and the types of inquiries to anticipate.
