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Sanctions Act 1977 Legal Entities Designation Order

Laws and regulations
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Section 10 (2) of the Sanctions Act 1977 provides that the Minister of Finance may designate one or more legal entities to exercise the supervision for compliance with the sanctions regulations (the Sanctions Act 1977 and the derivative regulations) in relation to financial transactions.

Published: 08 February 2013

With the Sanctions Act 1977 Legal Entities Designation Order, the Minister of Finance has made use of the possibility afforded by section 10 (2) of the Sanctions Act 1977. This Order designates DNB and AFM as supervisors for compliance with the sanctions regulations by specific categories of financial institution.

DNB is responsible in this context for the supervision of banks, credit institutions, crypto service providers, electronic money institutions, exchange transaction offices, insurers, payment institutions, pension funds and trust offices.

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