The Netherlands

Topic: Money laundering

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Financial Institutions – Regulatory outlook for 2022

As 2021 draws to a close, we look ahead to the trends and new requirements that we may see over the next twelve months for financial institutions (FIs) in the white collar crime sphere as regulators, legislators and individuals continue to adapt to the pandemic and prevailing public opinion. 1. An increase in fraud-related investigations … Continue Reading

EBA final guidelines on cooperation and information exchange between prudential supervisors, AML/CFT supervisors and FIUs

On 16 December 2021, the European Banking Authority published final guidelines setting out how prudential supervisors, anti-money laundering and countering the financing of terrorism (AML/CFT) supervisors and financial intelligence units (FIUs) should cooperate and exchange information in relation to AML/CFT, in line with provisions laid down in the Capital Requirements Directive IV (CRD IV). The … Continue Reading

EBA guidelines on the characteristics of a risk‐based approach to AML FT supervision

On 16 December 2021, the European Banking Authority (EBA) published updated guidelines on risk-based supervision of credit and financial institutions’ compliance with anti-money laundering and countering the financing of terrorism (AML/CFT) obligations. The guidelines set out the steps supervisors should take to ensure adequate AML/CFT oversight of their sector and support the adoption, by credit … Continue Reading

A draft framework for money laundering/terrorist financing risk assessment of a remittance

On 13 December 2021, the International Monetary Fund (IMF) and the World Bank published a report setting out a draft framework and methodology for risk assessment in remittance corridors having the potential of being identified as “safe remittance corridors”. At its October 2020 Finance Ministers and Central Bank Governors meeting, the G20 endorsed the Roadmap … Continue Reading

EBA consults on draft guidelines on the use of remote customer onboarding solutions

On 10 December 2021, the European Banking Authority (EBA) launched a public consultation on draft guidelines on the use of remote customer onboarding solutions. The draft guidelines have been developed in response to the European Commission’s request in the context of its Digital Finance Strategy, published in 2020. They are also in line with the … Continue Reading

Anti-money laundering: Council of the EU agrees its negotiating mandate on transparency of crypto-asset transfers

On 1 December 2021, the Council of the European Union, agreed on a mandate to negotiate with the European Parliament on the proposed Regulation on information accompanying transfers of funds and certain crypto-assets. This proposal is part of a package of legislative proposals to strengthen the EU’s anti-money laundering and countering terrorism financing rules, presented … Continue Reading

DNB publishes draft Q&A on sanctions screening by crypto service providers

On 19 November 2021, the Dutch Central Bank (De Nederlandsche Bank, DNB) published for consultation a Q&A addressing crypto service providers’ compliance with the Dutch Sanctions Act 1977 (Sanctiewet 1977). DNB notes that in addition to money laundering and terrorist financing risks, executing crypto transactions and providing crypto services also involve risks of violating sanctions regulations. … Continue Reading

Letter on research into the future of the Dutch trust office sector

On 10 November 2021, the Dutch Minister of Finance sent a letter to the Dutch Parliament on the plans with regard to independent research into the future of the Dutch trust office sector. The Dutch Minister of Finance will by way of a tender process select an external party to carry out the research. The … Continue Reading

FATF update guidance on risk-based approaches for virtual assets and virtual asset service providers

On 28 October 2021, the Financial Action Task Force (FATF) published updated guidance for a risk-based approach for virtual assets (VA) and virtual asset service providers (VASP). This guidance mentions how the FATF plans to closely monitor the VA and VASP sector for any material changes that necessitate further clarification of the FATF standards. This … Continue Reading

AFME publish responses made to HMT call for evidence on AML/CTF supervisory regime and on amendments to AML legislation

On 26 October 2021, the Association for Financial Markets in Europe (AFME) published two Consultation Responses (CR) in response to two publications that the HM Treasury released. The AFME is the European member of the Global Financial Markets Association (GFMA) a global alliance with the Securities Industry and Financial Markets Association (SIFMA) in the US, … Continue Reading

AFM publishes report on compliance with AML/CTF and sanction rules by AIFMs

On 27 October 2021, the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published a report on how managers of alternative investment funds (AIFMs) comply with the Act on the prevention of money laundering and terrorist financing (Wet ter voorkoming van witwassen en financieren van terrorisme, Wwft) and the Sanctions Act 1977 … Continue Reading

AFME report – AML transaction monitoring in the markets sector

On 20 October 2021, the Association for Financial Markets in Europe (AFME) published a paper, Anti-Money Laundering Transaction Monitoring in the Markets Sector. Firms have already established Anti-Financial Crime programmes designed to detect suspicion of money laundering, supported by anti-money laundering (AML) transaction monitoring (TM). This has been a regulatory requirement for financial services firms across Europe … Continue Reading

European Commission extends closing date of AML consultations

On 11 August 2021, the European Commission changed the closing date of the following consultations from 17 September 2021 to 6 October 2021: Revision of EU rules on Anti-Money Laundering (recast) Revision of EU rules on Anti-Money Laundering (recast of a former instrument) EU Anti-money laundering supervisor Revision of EU rules on Anti-Money Laundering (new … Continue Reading

EBA consults on new guidelines on the role of AML/CFT compliance officers

On 2 August 2021, the European Banking Authority (EBA) launched a public consultation on new guidelines on the role, tasks and responsibilities of anti-money laundering and countering the financing of terrorism (AML/CFT) compliance officers. When finalised the guidelines apply to financial sector operators as defined in Article 4(1a) of Regulation (EU) No 1093/201019. The draft … Continue Reading

Commission public consultation on guidance on the rules applicable to the use of public-private partnerships in the framework of preventing and fighting money laundering and terrorist financing

On 27 July 2021, the European Commission issued a public consultation seeking information with regard to the types of public-private partnerships that are currently operating in EU Member States in the area of anti-money laundering and countering the financing of terrorism, the public authorities and private sector entities that participate, the types of information exchanged … Continue Reading

Commission overhauls AML and CFT rules

On 20 July 2021, the European Commission published a package of legislative proposals designed to strengthen the EU’s anti-money laundering and countering the financing of terrorism (AML/CFT) rules. The legislative package consists of a: Regulation establishing a new EU AML/CFT Authority. In the financial sector, this new European Authority directly supervise financial sector entities that … Continue Reading

Commission sets out proposed Directive as regards access of NCAs to centralised bank account registries through the single access point

On 20 July 2021, the European Commission published a draft Directive as regards access of Member State competent authorities to centralised bank account registries through the single access point. Article 32a of the Fifth Anti-Money Laundering Directive requires Member States to put in place centralised automated mechanisms, such as central registers or central electronic data … Continue Reading

Latest FATF papers

 On 1 July 2021, the Financial Action Task Force (FATF) published: A stocktake report that examines commercially available or emerging technologies that facilitate advanced anti-money laundering / countering the financing of terrorism (AML/CFT) analytics within regulated entities or collaborative analytics between financial institutions, while respecting data privacy and protection. A report that highlights the necessary … Continue Reading

New papers from FATF and Wolfsberg Group

On 30 June 2021, there was published: Report from the Financial Action Task Force (FATF) on ethnically or racially motivated terrorism financing. The report, which is based on inputs from around 30 jurisdictions, focuses on the funding behind ethnically or racially motivated terrorism, also referred to as extreme right-wing terrorism. The report highlights the challenges … Continue Reading

FATF guidance on proliferation financing risk assessment and mitigation

On 29 June 2021, the Financial Action Task Force (FATF) published guidance on proliferation financing risk assessment and mitigation. The guidance seeks to develop a common understanding about the impact of the changes that FATF made in October last year to Recommendation 1 and its Interpretative Note to require countries and private sector entities to … Continue Reading

Public consultation concerning the decree on registration of UBOs of trusts and similar legal arrangements

On 28 June 2021, the Implementation decree concerning the registration of beneficial owners of trusts and similar legal arrangements (Implementatiebesluit registratie uiteindelijk belanghebbenden van trusts en soortgelijke juridische constructies, the Implementation Decree) was published for public consultation by the Dutch Minster of Finance. The Implementation Decree, together with the Implementation act concerns the registration of … Continue Reading

Recent FATF papers

On 28 June 2021, the Financial Action Task Force (FATF) published: A press release concerning the outcomes of the FATF Plenary held on 20-25 June 2021. The press release for the plenary reports that delegates finalised work in a number of important areas. These include a report that details the financial flows linked to environmental … Continue Reading

Speech at the AML Intelligence Boardroom Series

On 17 May 2021, there was published a speech by Mairead McGuinness (European Commissioner for Financial Stability, Financial Services and the Capital Markets Union) at the AML Intelligence Boardroom series. Key points in the speech include: In May last year the European Commission set out its vision for the EU’s future anti-money laundering (AML) system … Continue Reading

EBA consults on its proposals for a central AML/CFT database

On 6 May 2021, the European Banking Authority (EBA) issued a consultation on draft regulatory technical standards (RTS) on a central database on anti-money laundering and countering the financing of terrorism (AML/CFT) in the EU. The database will be a key tool for the EBA’s recently enhanced mandate to lead, coordinate and monitor AML/CFT efforts … Continue Reading
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