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 and educating their staff on anti-money laundering and counter terrorist financing.
DNB indicates that several investigations have shown that supervised institutions do not sufficiently mitigate the risk of being involved in terrorist financing. Therefore, DNB will conduct a cross-sectoral investigation into terrorist financing this year, in particular in relation to transaction monitoring and compliance with sanctions legislation.
View DNB’s press release (Dutch only), 26 January 2017.