The Sanctions Act Delegation Decree (Overdrachtsbesluit Sanctiewet 1977, Bulletin of Acts, Orders and Decrees 2002, 403)
The Regulation designating legal entities under the Sanctions Act (Aanwijzingsregeling rechtspersonen Sanctiewet 1977), Bulletin of Acts, Orders and Decrees 2002, 106) The regulation pertains mainly to financial institutions subject to supervision and their supervisors.
Internal control structure
Financial institutions must have measures in place to ensure compliance with sanctions regulations with regard to their internal control structure. This includes checking whether a customer's identity matches an individual or entity referred to in sanctions regulations. They must immediately notify the supervisory authority of any matches.
Retaining and submitting data
The institution must retain the notifications and underlying data for up to five years after the expiry or abrogation of the sanction regulations citing the relevant individual or legal entity. It must submit them to the supervisor upon request.