Supervision of the revised Wwft

News
Datum 30 april 2019

Under the revised Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en de financiering van terrorisme - Wwft), financial institutions must take measures to identify and assess their risk of money laundering and terrorist financing.

Beperkte blik op fiscale risico’s

DNB sees to it that financial institutions comply with the requirements of the revised Wwft and that their control frameworks are effective. As part of the requirements, financial institutions must carry out a risk analysis, and this also applies to branches and offices of foreign banks. Insofar applicable, the analysis must be an integrated part of the bank's systematic integrity risk analysis (SIRA).

Under the revised Wwft, one of the day-to-day policymakers of a financial institution must bear final responsibility for the institution’s Wwft compliance. DNB assesses how financial institutions put these requirements into practice.

We are currently updating our Wwft/Sw guidance document and will put it up for consultation in the near term.

Presentation

We recently presented an overview of the consequences of the revised Wwft to the members of the Foreign Banker’s Association (FBA). You can download the presentation below.