Outsourcing KYC
Now that the sector’s crytptocurrency exchanges are preparing to implement KYC and AML procedures mandated by regulators in The Netherlands in 2020, some are considering outsourcing these activities to third parties. At Bitcoin Wednesday on 4 December 2019, Peter Laaper and his colleague Ella Kranenburg of Keijser Van der Velden will give a presentation on the relevant laws surrounding outsourcing in the financial sector.
Effective 10 January 2020, all Dutch exchanges (Exchange Service Providers or ESPs) will be required to collect information to identify and continuously monitor their customers in connection with the Dutch Counter Terrorism and Anti-Money Laundering Act. Outsourcing some or all of these procedures to external companies may appear to be an effective approach to dealing with the new regulations. However, outsourcing in the financial sector is a specialized legal area that bears certain risks that Peter will cover during his presentation.
Peter Laaper is an advisor at Keijser Van der Velden on this subject, and one of the country’s authorities in the field. He is Assistant Professor at Utrecht University’s European Centre for Alternative Finance and supervises student research on crowdfunding and Initial Currency Offerings. He received his PhD in 2015 for research that is one of the first and only in-depth analyses on the legal implications of outsourcing in the financial services sector. He regularly applies his knowledge of outsourcing regulations to pension funds, insurance companies and other financial institutions. In addition to this area, he also specializes in disciplinary law for bankers and governance for pension funds.
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