Dutch households are putting more and more money in bank accounts abroad, according to the latest quarterly figures from DNB and the ECB. Countries where savings rates have recently risen are particularly popular among Dutch savers.Read more
The Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft) entered into force on 1 August 2008. The Wwft provides a comprehensive set of measures to prevent the use of the financial system for money laundering or terrorist financing. The Wwft was changed in 2020 in order to implement the EU’s changed Fourth Anti-Money Laundering Directive.
Published: 26 January 2021
Risk-based approach and open standards
The Wwft follows a risk-based approach. This means that institutions to a large extent are free to decide on the degree of risk they want to take. In turn, that choice determines which mitigation measures they must put into place.
Customer due diligence
Customer due diligence is an important element in the range of measures available to prevent money laundering and terrorist financing. As a rule, institutions must carry out customer due diligence in all cases. This also includes the monitoring of intended and actual transactions. The degree of scrutiny must be tailored to the risk posed by a particular type of customer, relationship, product or transaction.
Financial and other institutions that, in a professional capacity or on a commercial basis, provide services specifically listed in the Wwft must notify any unusual transactions to FIU-the Netherlands. The Wwft also lists indicators to determine what unusual transactions exactly are.
Supervision of compliance with the Wwft
DNB is responsible for supervising Wwft compliance by various categories of financial institutions, including banks. In our supervision, we look at the procedures and measures that institutions have put into place to prevent money laundering and terrorist financing.
- DNB Brochure Good Practice Integrity Risk Appetite (512KB PDF)
- DNB Leidraad Wwft en SW (19 September 2022 | 396KB PDF)
Dutch institutional investors such as pension funds, investment funds and insurers kept their investments in risky bonds roughly the same over the past 12 months. This is a break from previous years: since 2019, large investors had expanded their exposure to what are termed high-yield bonds.Read more
Supervisory authority De Nederlandsche Bank (DNB) is submitting a new anti-money laundering approach to financial institutions and other stakeholders as part of a public consultation. In a policy document presented today [...]Read more