What is a repeated offence and what does this mean for the amount of a fine or penalty?
Under the law, a repeated offence is involved if an instance of non-compliance occurs within a period of five years after an administrative fine was imposed on the non-compliant party for the same offence.
In the event of a repeated offence, the amount of the fine or penalty (as determined after taking into account the gravity and/or duration of the non-compliance and the degree of culpability) must be doubled under the law.
De Nederlandsche Bank (DNB) imposed an administrative fine of €10,000 on trust office Athos Business Services (Netherlands) B.V. (Athos) on. The fine was imposed because Athos provided trust services without carrying out sufficient customer due diligence.
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Dutch pension funds are increasingly investing their assets in foreign investment funds. Whereas their holdings in Dutch investment fund units have been declining for some time, an increasing share of their assets is being allocated to foreign, especially European, investment funds.
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De Nederlandsche Bank (DNB) is looking forward to hosting its annual seminar on the deposit guarantee scheme (DGS) with the topic “DGS at a crossroads: let’s look ahead”.
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De Nederlandsche Bank (DNB) imposed an instruction on CCV Group B.V. (CCV) on 13 March 2019 because CCV had failed to comply with certain provisions of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme – Wwft).
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