Section 19 of the Wwft provides for criminal indemnification and Section 20 for civil indemnification.
Criminal indemnification ensures that data or information provided by an institution that reports an unusual transaction in good faith cannot be used in a criminal investigation or prosecution of that institution on suspicion of money laundering or terrorist financing.
Civil indemnification means that an institution cannot be held liable under civil law for the loss suffered by another party (e.g. the customer or a third party) as a result of a report as long as the institution acted on the reasonable assumption that it had fulfilled its reporting duty. For instance, claims in civil proceedings could be brought for breach of contract if the institution decided not to carry out a transaction but to report it. Legal action over an unlawful act is also possible, if a customer claims alleged loss suffered as a result of an institution’s unusual transaction report.
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
