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.
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 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.
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.
Dutch mortgage funds received €2 billion in new investments from institutional investors such as pension funds and insurers in the first three quarters of 2024, DNB figures show. This is less than in previous years and can be attributed to market interest rates having risen sharply during 2022.
Read more Investor interest in Dutch mortgage funds continues to decline
DNB has reviewed the identification and buffer requirements for systemically important banks and maintains the current requirements.
Read more DNB maintains buffers for systemically important banks
On 22 October 2024, De Nederlandsche Bank (DNB) imposed an administrative fine of €2,250,000 on Bybit Fintech Limited (Bybit). The fine was imposed because Bybit provided crypto services in the Netherlands without the legally required registration with DNB, which is against the law.
Read more Fine for Bybit Fintech Limited for offering crypto services in the Netherlands without the legally required registration until September 2023
On Tuesday 5th November from 3:00-4:45 PM CET DNB will organize a physical information session about fit and proper assessments.
Read more Information session about fit and proper assessments DNB
