The Financial Action Task Force (FATF) released two documents, indicating jurisdictions with strategic deficiencies in their anti-money laundering and combating the financing of terrorism (AML/CFT) regimes.Read more
Initial assessment – propriety assessment
De Nederlandsche Bank (DNB) verifies whether a candidate's propriety is beyond doubt, focusing on intentions, actions and professional history of management or supervisory board members that may get in the way of carrying out their duties. Our main focus is professional history and relevant background information.
In principle, we only assess propriety once. Candidates who have passed the assessment will not require reassessment. Our decision will stand unless a change in the relevant facts or circumstances provides grounds for reassessing propriety.
A propriety assessment relates only to the candidate. This means that – unlike a fitness assessment – our decision does not depend on circumstances such as the composition of the management board, the type of institution that the proposed appointment pertains to or the specific position that the candidate will hold.
We assess propriety based on information provided by the institution and the results of our own preliminary assessment.
Assessment criteria are defined in the Decree on Prudential Rules for Financial Undertakings and in the 2012 Policy Rule on Suitability for trust offices (Dutch only). The Decree Implementing the Pensions Act and the Mandatory Occupational Pension Scheme Act applies to the assessment of governing board members, internal supervisors and members of stakeholder bodies of occupational and other pension funds.
Propriety assessments cover qualities such as veracity, sense of responsibility, respect for the law, openness, sincerity, prudence, punctuality, incorruptibility, discretion and probity.
Propriety is an ongoing requirement. The relevant management or supervisory board member as well as the institution are themselves responsible for reporting any changes in circumstances to DNB that have not been reported earlier. We will then establish whether or not such notification constitutes reasonable grounds to reconsider our earlier decision (reassessment). We will treat failure to report any material facts, professional history and other relevant background information, and will take this very seriously when assessing propriety.
- Clearing & Settlement Systems
- Clearing institutions
- Collective investment schemes
- Electronic money institutions
- Investment firms
- Payment institutions
- Pension funds
- Premium Pension institutions
- Trust offices
As of 17 September 2020, banks have been permitted to temporarily exclude certain central bank exposures from the calculation, reporting and disclosure of what is known as the leverage ratio.Read more
Under the Financial Supervision Act (Wet op het financieel toezicht – Wft), payment institutions and electronic money institutions must submit the following within six months of the end of the financial year, i.e. no later than 30 June 2021 for the 2020 financial year:Read more