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Webinar on counterparty screening under the Sanctions Act

Relevant for:
cp
Status
News item
Date:
23 september 2020
Validity:
valid 
Reference:
02464
Author:
DNB

News item

On 21 September 2020, DNB organised a webinar to draw attention to the requirement to screen counterparties in customer transactions against sanctions lists. This requirement applies under the Sanctions Act (Sanctiewet 1977 – Sw) and the Regulation on Supervision pursuant to the Sanctions Act 1977 (Regeling Toezicht Sanctiewet 1977 – RtSw).

It appears from the applications for registration we received from crypto service providers that many applicants are insufficiently aware of this requirement, despite our repeated emphasis on this in our newsletters. Consequently, there is a risk that they cannot be registered before the transitional regime expires on 21 November 2020. During the webinar, we again stressed the importance of the requirement to screen counterparties, and explained the specific measures service providers can take to comply with this requirement.

We now urge crypto service providers to inform us of the measures they plan to take to ensure compliance by 17 October 2020 at the latest.

Screening counterparties in incoming and outgoing customer transactions

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Related topics
  • FATF Warning lists - December 2020 update
  • DNB leaves countercyclical buffer unchanged at 0% ’ December 2020
  • The transitional arrangements crypto service providers will expire on 21 November 2020
  • Consultation Regeling beheerst beloningsbeleid
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