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Anti-Money Laundering and Anti-Terrorist Financing Act

Relevant for:
ban, cis, if, pi, ci, emi, ppf, to, in, wi
Status
Factsheet
Date:
9 january 2014
Validity:
valid 
Reference:
99108-02
Author:
DNB

DNB Guidance on the Wwft and the Sanctions Act

This page provides access to the most recent version of the Guidance on the Prevention of Money Laundering and Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van - Wwft) and the Sanctions Act (Sanctiewet - Sw), published in December 2019. This version reflects the Wwft amendment of 25 July 2018. A further amendment to the Wwft is forthcoming in early 2020. This Guidance document will therefore be revised in the first half of 2020 to reflect the relevant changes.

We published an initial Guidance document on the Anti-Money Laundering and Anti-Terrorist Financing Act and the Sanctions Act in 2011. This was in response to the IMF's recommendations following its 2010 evaluation of the Netherlands with regard to compliance with the recommendations of the Financial Action Task Force (FATF). These recommendations focussed on Dutch legislation and regulations aimed at fighting money laundering and terrorist financing. The Ministry of Finance published a general guideline. The Ministry also asked the relevant supervisory authorities to develop a specific guideline for the various institutions that fall under their authority. The other supervisory authorities (AFM, the Financial Compliance Board - Financial Compliance Board/Tax and Customs Administration/Wwft Compliance Board/Dutch Bar Association) developed and published their own Wwft Guidance documents.

DNB's Guidance document applies to institutions supervised by DNB pursuant to Section 1d:1(a) of the Wwft. The Ministry’s General Guidance and this DNB Guidance should be read in conjunction with each other. The DNB Guidance document discusses subjects such as the risk-based approach of integrity regulations, customer due diligence, transaction monitoring, reporting of unusual transactions, training, education and awareness, and the regulatory framework for sanctions.

This Guidance is not a legally binding document nor a policy rule. The examples it contains are not exhaustive. They serve as a guide for the explanation and application of statutory obligations.

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Laws and EU Directives
  • CRD IV en CRR
  • Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt)
  • Anti-Money Laundering and Anti-Terrorist Financing Act
  • Payment services in the internal market
  • Regulations establishing European Supervisory Authorities
Base law
  • Wwft
Related Q&A
  • Q&A - Operational management risk analysis
  • Q&A Inside SEPA observance Sanctions Act 1977
  • Q&A - Assessment of Ongoing Due Diligence Process (WWFT and SW)
Related Downloads
  • DNB Guidance Anti-Money Laundering and Anti-Terrorist Financing Act and the Sanctions Act - December 2019
  • Q&A Sanctions Act for non-life insurancecompanies
  • compliance with the sanctions act for pension funds
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