Section 23j of the Wwft obligates crypto service providers to safeguard sound and ethical operational management.
This means they must not only adequately control and document compliance with the Wwft requirements, but also document in their policy how they put sound and ethical operational management into practice. This concerns the institution's internal workings. For instance, an institution could document how it prevents itself or its staff from becoming involved in conflicts of interests, criminal offences or other breaches of the law. It must also document how certain business processes and business risks are controlled, setting out, for example, how it deals with outsourcing of important business processes, such as elements of customer identification. Lastly, institutions are also expected to have a clear division of tasks and governance structure. In this connection, we refer to Section 23i of the Wwft, which deals with the transparent control structure, and Section 2d of the Wwft, which requires independent and effective compliance and audit functions in proportion to an institution's nature and size.
On 14 July 2023, De Nederlandsche Bank (DNB) imposed an order subject to penalty on Payward International Markets Limited (Payward International), operating under the trade name Kraken.
Read more Order subject to penalty imposed on Payward International Markets Limited for offering crypto services in the Netherlands without registration
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 DNB submits new anti-money laundering approach to financial sector
DNB has conducted a series of examinations to assess financial institutions’ compliance with sanctions regulations and, more specifically, whether their compliance operations are fit for purpose. We are happy to share the results of these investigations.
Read more Sanctions Act examinations: room for improvement, but sector shows strong commitment to compliance
Did you know that you can track the status of your assessment application in My DNB? As of 11 May 2023 you can see the status of your assessment application in My DNB – Supervisory Applications Service.
Read more New: status of your assessment application with DNB
