New guidance Netherlands Anti-Money Laundering and Counter-Terrorist Financing Act and Sanctions Act

Recently, the Dutch Central Bank (De Nederlandsche Bank, DNB) published new guidance in relation to the Anti-Money Laundering and Counter-Terrorist Financing Act and the Sanctions Act, directed to the following types of institutions: banks, life insurers, payment services providers and agents, electronic money institutions, foreign exchange offices, trust offices, lease companies, casinos, pension funds and other insurers.

DNB conducts integrity supervision of a wide range of financial and other institutions. This specific supervision is based on the Financial Supervision Act (Wet op het financieel toezicht), the Anti-Money Laundering and Counter-Terrorist Financing Act (Wet ter voorkoming van witwassen en financieren van terrorisme), the Trust Offices Supervision Act (Wet toezicht trustkantoren) and the Sanctions Act 1977 (Sanctiewet 1977). The purpose of integrity supervision is, among other things, to prevent the use of the financial system for money laundering and terrorist financing purposes.

The new guidance (in English) can be found here: DNB Guidance on the Anti-Money Laundering and Counter-Terrorist Financing Act and the Sanctions Act