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Are de facto directors and legal entities subject to the same penalty and disclosure regime?

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Question:

Are de facto directors and legal entities subject to the same penalty and disclosure regime?

Published: 05 July 2023

Answer:

Yes, they are. The penalty amounts laid down in law are the same for de facto directors and legal entities. DNB also observes the Penalty Amounts Policy when determining the amount of the fine. By law, penalties imposed in connection with non-compliance with the Financial Supervision Act (Wet op het financieel toezicht – Wft), the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft) the Act on the Supervision of Trust Offices (Wet toezicht trustkantoren 2018 – Wtt), the Pensions Act (Pensioenwet – Pw) or the Mandatory Occupational Pension Scheme Act (Wet verplichte beroepspensioenregeling – Wvb) must be disclosed unless a statutory exception applies which requires such disclosure to be anonymised, postponed or waived.

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