However, on the date of entry into force of the Act they must have applied for registration and fit and proper assessments of their policymakers and co-policymakers and holders of a qualifying holding. If the registration process is not completed within 6 months, the service provider must cease its activities. This is also the case if the service provider fails to submit all information required, or if the fit and proper assessments have not yet been completed.
During the transition period, the service provider must comply with all other Wwft requirements, e.g. with respect to customer due diligence, transaction monitoring and the reporting duty.