The Netherlands

Topic: Money laundering

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DNB issues guidance on transaction monitoring for banks

On 31 August 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) published a transaction monitoring guidance document for banks (the Guidance Document). Besides providing some legal background and the scope of the transaction monitoring rules, the Guidance Document also contains good practices with the aim to assist banks to design or improve their transaction … Continue Reading

Consultation report Act implementing Fourth Anti-Money Laundering Directive published

On 14 July 2017, the Dutch Minister of Finance (the Minister) published a report (the Report) on the consultation of the draft legislative proposal of the Act implementing the Fourth Anti-Money Laundering Directive (2015/849) (Vierde anti-witwasrichtlijn) (the Implementation Act). A public consultation of the Implementation Act was held between 15 July 2016 and 16 August … Continue Reading

European Commission roadmap towards new methodology for EU assessment of high-risk third countries under 4MLD

The Council of the EU has published a cover note to which a letter is attached from Commissioner Vera Jourova, to the Presidency of the Council of the EU, concerning the assessment of high-risk third countries under the Fourth Money Laundering Directive (4MLD). The annex to the letter contains a roadmap entitled Towards a new … Continue Reading

Presidency of FATF outlines objectives for plenary year

The Financial Action Task Force (FATF) has published a paper outlining the priorities of its incoming president, Santiago Otamendi. Among other things the paper notes that de-risking and de-marketing by global banks can lead to financial exclusion and increase the risks society faces from money laundering and terrorist financing, including by increasing the use of … Continue Reading

Further action agreed to address decline in correspondent banking relationships

The Financial Stability Board (FSB) has published a progress report concerning its action plan to assess and address the decline in correspondent banking. The report notes that implementation of the action plan is making good progress. Notably, the Financial Action Task Force (FATF) and the Basel Committee on Banking Supervision (BCBS) have issued guidance to … Continue Reading

Commission supranational risk assessment report

On the day that the Fourth Anti-Money Laundering Directive (4MLD) entered into force (26 June 2017) the European Commission also published for the first time a report on the supra-national risk assessment (SNRA) of the risks of money laundering (ML) and terrorist financing (TF) affecting the internal market and relating to cross-border activities.… Continue Reading

ESAs publish central contact point standards in fight against financial crime

Payment service providers and electronic money issuers with a head office in an EU Member State can operate establishments in other, host, Member States. Such establishments have to comply with the anti-money laundering and countering the financing of terrorism (AML / CFT) regime of the Member State in which they are based, even if they … Continue Reading

ESAs publish AML / CFT guidelines

The European Supervisory Authorities have published final guidelines that set out factors that firms should consider when assessing the money laundering and terrorist financing (ML / TF) risk associated with a business relationship or occasional transaction. They also set out how firms should adjust the extent of their customer due diligence measures in a way … Continue Reading

Basel Committee guidelines on sound management of risks related to money laundering and financing of terrorism – revisions to correspondent banking annex

The Basel Committee on Banking Supervision (Basel Committee) has updated its guidelines that describe how banks should include money laundering and financing of terrorism risks within their overall risk management. Specifically, the Basel Committee has finalised its revisions to annexes 2 (correspondent banking) and 4 (general guide to account opening). The purpose of the revisions … Continue Reading

ESAs consult on technical standards to strengthen group-wide money laundering and terrorist financing risk management

The Joint Committee of the European Supervisory Authorities (ESAs) has issued a joint consultation paper on draft regulatory technical standards (RTS) on the measures credit institutions and financial institutions shall take to mitigate the risk of money laundering and terrorist financing where a third country’s law does not permit the application of group-wide policies and … Continue Reading

Wolfsberg Group guidance on PEPs

The Wolfsberg Group (the Group) has published updated guidance as to how financial institutions should handle the money laundering risks posed by politically exposed persons (PEPs). This updates the guidance that the Group initially issued in 2003 and the FAQs issued in 2008. The updated guidance lays out what the Wolfsberg Group considers to be … Continue Reading

European Parliament again rejects blacklist of states at risk of money laundering

The European Parliament has again rejected Commission Delegated Regulation of 24 March 2017 amending Commission Delegated Regulation (EU) 2016/1675 supplementing the Fourth Anti-Money Laundering Directive by identifying high risk third countries with strategic anti-money laundering and counter-terrorist financing deficiencies.… Continue Reading

European Parliament extends scrutiny period for Commission Delegated Regulation amending list of high-risk third countries under MLD4

The European Parliament has updated its procedure file on the Commission Delegated Regulation amending Commission Delegated Regulation (EU) 2016/1675 supplementing the Fourth Money Laundering Directive by identifying high risk third countries with strategic anti-money laundering and counter-terrorist financing deficiencies (Delegated Regulation). The updated procedure file states that, on 12 April 2017, the initial period for … Continue Reading

Official translations of Joint Committee of ESAs’ guidelines on risk-based supervision under MLD4

The Joint Committee of the three European Supervisory Authorities (the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority) has published the 22 language versions of the final guidelines on the characteristics of a risk-based approach to anti-money laundering and terrorist financing supervision under the Fourth Anti … Continue Reading

Joint Committee of ESAs opinion on money laundering and terrorist financing risks

The European Supervisory Authorities (ESAs) have jointly published an opinion addressed to the European Commission on the risks of money laundering (ML) and terrorist financing affecting the EU’s financial sector. The opinion is published pursuant to Article 6(5) of the Fourth Anti-Money Laundering Directive (4MLD). The joint opinion finds that problems exist in key areas … Continue Reading

European Parliament to consider MLD5 at 13 and 16 March 2017 plenary session

The European Parliament has updated its procedure file on the proposed Fifth Money Laundering Directive (MLD5), which amends the Fourth Money Laundering Directive. The procedure file indicates that the Parliament’s Economic and Monetary Affairs Committee and its Civil Liberties, Justice and Home Affairs Committee will vote on their draft report on MLD5 on 28 February … Continue Reading

Combating the financing of terrorism continues to be a priority in DNB’s supervision

In its press release of 26 January 2017, the Dutch Central Bank (De Nederlandsche Bank, DNB) emphasised the crucial role of the financial sector in detecting and combating the financing of terrorism. DNB expects that financial institutions take their role seriously and actively meet their obligations in this respect, such as client identification, the monitoring of transactions … Continue Reading

Wolfsberg Group, ICC and BAFT announce updated version of Trade Finance Principles

The Wolfsberg Group, the Banking Commission of the International Chamber of Commerce and the BAFT (an international banking association) have jointly published, Trade Finance Principles. This document updates the earlier Wolfsberg Group paper on trade finance principles that was last updated in 2011. Essentially, the Trade Finance Principles outline the role of financial institutions in … Continue Reading

MEPs reject Commission blacklist of states at risk of money laundering

The European Parliament has issued a press release stating that is has returned to the European Commission its list of countries deemed to be at risk of money laundering and terrorist financing. The press release states that MEPs feel that the list is too limited and that it should be expanded to cover, for instance, … Continue Reading

ESAs letter confirms delay of MLD4 RTS

Article 45(6) of the Fourth Anti-Money Laundering Directive (MLD4) mandates the European Supervisory Authorities (ESAs) to draft regulatory technical standards (RTS) on the measures credit and financial institutions will be required to take to manage the risk of money laundering and terrorist financing where they have branches or majority-owned subsidiaries in third countries that prohibit … Continue Reading

Commission adopts stronger rules to fight terrorism financing

The European Commission (Commission) has adopted a package of legislative measures that are intended to strengthen the EU’s capacity to fight the financing of terrorism and organised crime, delivering on the commitments made in the February 2016 Action Plan against terrorist financing. The legislative package consists of a proposed new: Directive that aims to tackle … Continue Reading

Latest Presidency compromise proposal on MLD5

The Council of the EU has published its fifth Presidency compromise proposal on the proposed Fifth Anti-Money Laundering Directive which amends the Fourth Anti-Money Laundering Directive. With respect to the compromise proposal, the new text is marked in underlined bold and deletions indicated in strikethrough. Our blog entry on the previous compromise proposal can be … Continue Reading

Latest Presidency compromise proposal on 5MLD

The Presidency of the Council of the EU has published its latest compromise proposal for a Directive amending the Fourth Anti-Money Laundering Directive. With respect to the compromise proposal, the new text is marked in underlined bold and deletions indicated in strikethrough. Our blog entry on the previous compromise proposal can be found here. View … Continue Reading
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