Nowadays, the tax consultant as well as other professionals must be a jack of all trades – not just in the tax area but also in the area of compliance.
Upon the conclusion of a new relationship, the tax consultant must, in pursuance of the Dutch Money Laundering and Terrorist Financing (Prevention) Act, screen the potential client in the context of the KYC obligation. After conclusion of the engagement, the relationship should be monitored periodically and this should also be recorded. In the context of the services, the consultant must moreover keep their eyes open in terms of potential unusual transactions that prompt the submission of a notification to the Dutch Financial Intelligence Unit (FIU), of which notification they cannot inform their own client. To an increasing degree, the official authorities expect of the consultant that they act as a gatekeeper, whilst the interests of the client, of the firm as also their own position should be safeguarded. A tough job!
Fortunately, in case of doubt or questions a professional shall usually be able to rely on the compliance officer, a colleague or the person at the firm responsible for matter concerning the Dutch Money Laundering and Terrorist Financing (Prevention) Act. However, sometimes it is recommended to present the case to a third party who can assess it from a distance. De Bont Attorneys-at-Law can act as a sparring partner in case of questions about the many open standards included in the Dutch Money Laundering and Terrorist Financing (Prevention) Act. Arriving at a proper consideration is all the more important because the consequences of non-compliance with the jumble of obligations can have far-reaching consequences for the consultant, but also for the firm.
The attorneys-at-law at our firm have extensive experience in the unexpected instance that the Dutch Financial Supervision Office (BFT) decides to start an investigation, imposes a penalty, or even the Office of the Public Prosecutor appears on stage.
