On 27 October 2016, the Dutch Central Bank (De Nederlandsche Bank, DNB) announced that it will start investigating how inward passporting Dutch branches of EEA insurers comply with the Sanctions Act (Sanctiewet 1977). DNB will also investigate whether these branches comply with the Act on the prevention of money laundering and financing of terrorism (Wet ter voorkoming van witwassen en financiering van terrorisme).
Earlier this year, DNB published the results of its earlier investigation into insurers’ compliance with the Sanctions Act, concluding that whilst there were improvements, compliance was still generally inadequate. Partly on the basis of these results, DNB has decided to conduct this new investigation which focuses on the branches of non-Dutch EEA insurers.
DNB will commence its investigation in November 2016 by contacting the branch offices directly. Once the investigation has been completed DNB indicates that it will determine its strategy towards branches.
View DNB’s news item on its investigation (Dutch only), 27 October 2016.