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Banking problems
Date
April 2023
Role
As a representative of the coffee shop sector, I took the lead in putting this issue on the agenda at both political level and with banks and supervisors. My focus was on mapping the problems, mobilizing administrative and political support and providing concrete solutions.
The banking problems for coffee shops started in 2020 with a policy change by Rabobank, which imposed a withdrawal limit of €8,000 per month for cash as of 1 January 2021. Rabobank stated that the use of cash was insufficiently transparent and that involvement in cash withdrawals for cannabis purchases could damage confidence in the bank and the financial sector.
This policy change caused a chain reaction: other major banks introduced similar or stricter rules, which labelled coffee shops as high-risk customers. The structural restrictions made it virtually impossible to obtain or retain banking services. Meanwhile, the problem became acute after the bankruptcy of RCCS Waardetransport, the last cash transport company that was willing to work with coffee shops. This created an untenable situation in which cash could no longer be processed or transported safely, with risks for business operations, safety and public order.
Actions:
1. Problem analysis and advocacy:
Extensive research and inventory of the problems at coffee shops, including:
- The consequences of the policy change of Rabobank and stricter rules at other banks.
- The acute impact of the bankruptcy of RCCS Waardetransport on safety and business operations.
- Gaining insight into the tension between the tolerance policy and the implementation of the Wwft (Prevention of Money Laundering and Terrorist Financing Act).
2. Discussions with ministries and supervisors:
- Initiating and attending consultations with the Ministry of Finance and Justice & Security (JenV) to draw attention to the problem.
- Emphasizing the vulnerable position of coffee shops and the consequences for public order in the absence of banking solutions.
3. Dialogue with banks and the NVB:
- Contacting major banks such as Rabobank, ABN AMRO, ING and the Dutch Banking Association (NVB) to discuss the situation and look for solutions.
- Advocating for more proportionate risk assessments and seeking tailor-made solutions within the framework of legislation and regulations. The problems for entrepreneurs were presented on the basis of the research.
4. Political mobilisation:
- Partly responsible for the letter to Minister Kaag (Finance) on 28 April 2022, in which access to cash and banking services for coffee shops was advocated.
- Contribution to questions from MPs Sneller and Van Weyenberg (D66) to the Ministers of Finance and Public Health on 22 March 2022, who specifically asked for solutions to this problem.
Result:
Through intensive advocacy and cooperation with ministries and banks, the problem has been firmly placed on the political agenda. Minister Kaag acknowledged in her response that the categorical exclusion of coffee shops by banks is undesirable and called on banks to act proportionately and cooperate with the sector. The discussions have contributed to the development of solutions, such as the pursuit of more customization and transparency in risk assessments.
