Netherlands

Change of supervision for Dutch Money Transaction Services

Michel Jurgens, Clifford Chance, Amsterdam

In February 2002, the Dutch Ministry of Finance submitted a Bill on Money Transfer Offices ( Wetsvoorstel inzake de geldtransactiekantoren or the Transfer Offices Bill) to Parliament. The Transfer Offices Bill aims at subjecting money transfer services to the supervision of the Dutch Central Bank (DNB). Money transaction services for the purposes of the Transfer Offices Bill are money transfer services, currency exchange services and bearer interest coupon payment services. In addition, the Transfer Office Bill subjects entities engaged in money transaction services to a duty to register with DNB. The Transfer Offices Bill will replace the existing Exchange Offices Act ( Wet inzake de wisselkantoren or the Exchange Offices Act ).