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AML - Supervisory authorities and fines

Under the Wwft, much is expected of institutions in terms of anti-money laundering measures and their documentation. Sooner or later, Wwft supervisory authorities come asking questions. To avoid being subject to any measures or sanctions, it is advisable to fulfil your obligations with due care and to be meticulous in your response to any supervisory investigation.

If you are dealing with Wwft supervisory authorities, it is essential to have a thorough understanding of the responsibilities of the various bodies involved and the requirements imposed by them.

Wwft supervisory authorities

Various authorities supervise compliance with the anti-money laundering obligations included in the Wwft and other legislation. De Nederlandsche Bank (DNB) and the Dutch Authority for the Financial Markets (AFM) supervise financial institutions. The Financial Supervision Office (Bureau Financieel Toezicht) is responsible for supervising accountants, tax advisers, civil-law notaries and the Dean of the Netherlands Bar. In addition, the Dutch Tax and Customs Administration's Wwft Supervision Office (Bureau Toezicht Wwft) supervises a number of professional bodies such as buyers and sellers of works of art, brokers and valuers, and the Kansspelautoriteit (the Dutch gambling services regulator) supervises providers of lotteries and casinos, et cetera.

Investigations

Anti-money laundering obligations include conducting risk-based customer due diligence, monitoring obligations and reporting unusual transactions. It is advisable to respond meticulously to requests from Wwft supervisory authorities and to understand how the supervisory process works. This process may result in enforcement action by the supervisory authority, such as the imposition of a measure, a direction or a penalty. The supervisory authority may also impose a fine, having announced it in advance. Taking action to dispute both the fine and its immediate disclosure is allowed.

An investigation by Wwft supervisory authorities may "change course" and be handed to the Public Prosecution Service for a criminal investigation. It is worth bearing in mind that investigative authorities have more far-reaching powers than supervisory authorities where there is a suspicion of criminal activity. That then creates a different legal situation and the consequences can be very far-reaching.

Our attorneys have the knowledge and experience to assist you and act in your best interests in this area. If you have any questions or require assistance in relation to supervision or a dispute with Wwft supervisory authorities, please contact us.

 In a nutshell
  • AML (anti-money laundering legislation)
  • Anti-money laundering measures
  • An investigation by supervisory authorities
  • Enforcement action by the supervisory authority

Contact our specialists

G.M. (Mariëlle) Boezelman

M. (Maaike) Coenen

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