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The Netherlands Ministry of Finance has announced a new approach to anti-money laundering (AML) policy, while also committing to improve payments accessibility and consumer protections for buy now, pay later (BNPL) users.
In a letter to parliament outlining the country’s Financial Sector Vision 2025, finance minister Eelco Heinen called for greater collaboration among banks to tackle financial crime.
Money laundering remains a significant challenge in the Netherlands, and is linked closely to organised crime.
According to the minister’s letter, banks in the Benelux country currently spend €1.4bn annually and employ 13,000 staff, one in five bank employees, on money laundering checks.
Despite these efforts, gaps in the system have led to inefficiencies, unintended consequences for customers and a pressing need for reform, he warned.
Heinen, who is part of the People's Party for Freedom and Democracy, has advocated for a new, risk-based approach that allows financial institutions to share data more effectively while maintaining robust privacy protections.
This marks a shift from past opposition to joint transaction monitoring efforts, which were halted over privacy concerns.
Heinen urged lawmakers to reconsider these measures, emphasising that preventing financial crime requires tough choices to balance crime prevention, regulatory efficiency and individual privacy rights.
He also confirmed that the Dutch government plans to implement a new AML strategy by April, focusing on reducing the regulatory burden for compliant businesses and enhancing system integrity.
This will come alongside the upcoming EU AML package, which is set to take effect in 2027, and will harmonise rules across the bloc for the first time via regulation rather than a directive.
Support from the banks
The announcement has been welcomed by the country’s financial lobby, with the Dutch Bankers Association stating in a press release that it “fully agrees” with the plans.
“That is why we already made a number of proposals last year that should ensure that we become more effective in thwarting criminals and at the same time have to bother well-intentioned citizens less often,” it continued.
“We have already started working on this together with supervisors, investigative services and FIU [Financial Intelligence Unit]. But in order to make this approach truly targeted and proportionate, it is good that more room is created for cooperation. Between banks themselves, but also between government services and banks. We would like to discuss this in the coming period.”
Protecting Gen Z
According to Heinen, the government is also addressing risks associated with new financial products, such as BNPL services and crypto-assets.
The minister underscored the importance of protecting consumers, particularly young people, from the financial risks associated with these products, and said that companies offering such services will need to take greater responsibility to prevent consumer harm.
“People often get into trouble because they are insufficiently informed about the risks of the financial product or service. This is particularly vulnerable with BNPL when it is possible for young people to pay online later, or when consumers are allowed to pay later in physical stores,” he said.
Heinen said that “the trick” is “to find the right balance in the regulations between, on the one hand, protecting vulnerable consumers through safe products and, on the other hand, offering the space for innovation”.
“I see it as the role of the government to prepare consumers well for making financial choices, with good information but also by promoting financial education.”
Heinen confirmed that he is working alongside government colleagues to accelerate the implementation of the new EU rules that will better protect BNPL customers via the revised Consumer Credit Directive.
The plan is to goldplate this regulation by introducing a mandatory age verification for deferred payments at a national level.
“This will ensure that young people cannot use deferred payments,” he said. “In order to prevent debts, I am also working on a bill to give the Credit Registration Office a statutory task in the context of preventing over-indebtedness.”
Heinen said that this bill “will contain guarantees for the careful processing of personal data”.
The minister has also followed the UK’s Financial Conduct Authority (FCA) in seemingly planning to crack down on "finfluencers" who use platforms such as TikTok to promote financial schemes, such as crypto-assets.
“I am having research done into the risks that consumers, and young people in particular, run when trading in cryptos. In doing so, I will also look at the role of advertising and (f)influencers,” Heinen said.
“I will inform the House of Representatives about the results of this research this spring,” he confirmed, adding that, based on the research, he will consider whether additional measures are necessary.
“I am committed to working with the Minister of Economic Affairs at European level to explicitly prohibit finfluencers from promoting financial products or services from financial companies that do not have the required permit for this.”
Debanking
Heinen also stated that ensuring access to basic banking services is another key priority in the Financial Sector Vision 2025.
He stressed that banking must remain inclusive, especially of vulnerable groups such as the elderly, people with disabilities and those unfamiliar with digital platforms.
The Dutch government is currently working to address concerns in this area and ensure that changes in the financial system do not exclude any groups, especially considering recent reports that indicate that some businesses, foundations and individuals face difficulties in obtaining or maintaining bank accounts.
To address this, he said that the government is pushing for banks to introduce a basic business payment account as a safety net.
He added that legislation will be introduced this spring to guarantee cash availability through a nationwide ATM network, ensuring that private individuals can withdraw cash free of charge and that cash remains affordable for all.
