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Legislation and Regulations

Since Sisow is certified as a Collecting Payment Service Provider (CPSP) by Currence, the owner of iDEAL, and, in addition, is under the supervision of the Dutch central bank (DNB, De Nederlandsche Bank), Sisow must comply with European and Dutch financial legislation and regulations as a payment institution as do all other payment service providers in the Netherlands. The Dutch central bank (DNB, De Nederlandsche Bank) is involved as a supervisory body in checking Payment Service Providers based on the Dutch Financial Supervision Act and the Dutch Money Laundering and Terrorist Financing (Prevention) Act. The aim of the Dutch Money Laundering and Terrorist Financing (Prevention) Act is to combat money laundering and the funding of terrorism. Money laundering means that illegally obtained capital is made legal so that the illegal origin of the funds is no longer visible. Terrorist financing is involved when capital is used to enable terrorist activities. Sisow must comply with the rules to prevent money laundering in accordance with EU Directive 2005/60/EC. Establishing the identity of its clients within the acceptance policy of Sisow is part of this. It is not just new clients who must go through this identification and verification procedure. Sisow also checks its customer base regularly and requests, when required, more recent documents.

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