The Fiscal Information and Investigation Service (FIOD) of the Netherlands has arrested a 43-year-old man from Rotterdam on suspicion of money laundering and operation of unlicensed payment services. The authorities searched the suspect’s home, garden house and business premises, among other buildings. During these searches, the authorities seized physical and digital administration, bank accounts, a car and over €100,000 ($109,272) in cash.
Since March 2020 or earlier, the detainee had allegedly engaged in underground banking, conducting hundreds of transactions amounting to over 9 million euros ($9.83m). These transactions also included large international cash transactions that he conducted with the help of his regular contacts abroad. It is likely that he performed all Netherlands-based transactions himself.
The money involved in these transactions was likely of criminal origin since criminals frequently use underground banking to launder funds internationally. The detainee did not possess a banking license that is required to provide banking services. He also presumably omitted the customer survey step which is mandatory for banking institutions.
Source: Fiscal Information and Investigation Service, Netherlands