The Netherlands

Topic: Money laundering

Subscribe to Money laundering RSS feed

FATF finalises guidance on information sharing between financial institutions

On 29 June 2017, we blogged that the Financial Action Task Force (FATF) was consulting on draft guidance for private sector information sharing. The consultation closed on 31 July 2017. The FATF has now published the final version of its guidance for private sector information sharing. The guidance sets out the challenges to information sharing … Continue Reading

FATF updates guidance on AML and CTF measures and financial inclusion with customer due diligence supplement

The Financial Action Task Force (FATF) has published a revised version of its guidance on anti-money laundering (AML) and counter-terrorist financing (CFT) measures and financial inclusion. The objective of the revised guidance is to encourage countries to implement the FATF Recommendations and the risk-based approach (RBA) in a way that responds to the need to … Continue Reading

Commission adopts Delegated Regulation amending list of high-risk third countries under 4MLD

The European Commission has adopted a Delegated Regulation that amends an earlier Delegated Regulation that sets out the list of third countries that have strategic deficiencies in their anti-money laundering / countering the financing of terrorism regimes. The adopted Delegated Regulation adds  Ethiopia to the list of high-risk third countries. In terms of next steps, … Continue Reading

Wolfsberg Group updates work on correspondent banking and payment transparency standards

The Wolfsberg Group has completed two new significant pieces of work that are intended to strengthen the international financial system. These are the new Wolfsberg Correspondent Banking Due Diligence Questionnaire (the Questionnaire) and the revised Payment Transparency Standards. In 2002 the Wolfsberg Group published principles around correspondent banking including the articulation of a vision for … Continue Reading

AFM worries about money laundering and terrorism financing risks for light AIFMs

On 3 October 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) issued a press release expressing its concerns about money laundering and terrorist financing risks run by alternative investment fund managers (AIFMs) that are exempted from the licence obligation laid down in the Act of Financial Supervision (Wet op het … Continue Reading

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
LexBlog