Regulatory Alerts2014-11-18
Added · Updated
Division of responsibilities in the implementation of sanctions regulations
Financial institutions must establish internal control structures to monitor sanctions developments and determine if their clients are subject to restrictions. When covered entities are identified, institutions must take appropriate measures such as freezing assets and report these actions to the supervisor using the prescribed form without delay. The Dutch Central Bank (DNB) and the Authority for the Financial Markets (AFM) supervise compliance with the Sanctions Act 1977, assessing the effectiveness of institutional procedures and the completeness of submitted reports. In cases of non-compliance, supervisors may impose cease and desist orders or administrative fines.
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