Regulation on Supervision pursuant to the Sanctions Act 1977

Laws and regulations

Read aloud

The Regulation on Supervision pursuant to the Sanctions Act 1977 ( Regeling toezicht Sanctiewet 1977 – RTSw ) was jointly issued by DNB and the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten – AFM) on 28 September 2005. It sets rules for compliance by financial institutions with the legal provisions established under or pursuant to the Sw aimed at combating terrorist financing. The regulation is based on various legal provisions. They are: Sections 10(2), 10b and 10f of the Sw.

Published: 09 May 2014

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.

Base law

Regeling toezicht Sanctiewet 1977
(Refers to an external site)

Art. 1 ARRPSW77
(Refers to an external site)

Art. 1 OBSW77
(Refers to an external site)

Art. 10 Sw
(Refers to an external site)

Art. 10B Sw
(Refers to an external site)

Art. 10F Sw
(Refers to an external site)

Related websites

Autoriteit Financiële Markten
(Refers to an external site)

FIU-Nederland
(Refers to an external site)

Discover related articles

Laws and regulations

Integrity & sanctions

Share:

Share on LinkedIn

Share on X

Share on Facebook

Share via Email

Necessary cookies

To ensure the proper operation of the website, De Nederlandsche Bank (DNB) uses functional cookies and analytics cookies, and has taken measures to ensure that these cookies have little or no impact on the privacy of website users.

Optional cookies

Some pages include embedded content from external websites. These websites may use proprietary (tracking) cookies. This allows third parties to track visitor statistics, show personalised content and display targeted ads, for example.

You can make your choice about allowing these optional cookies both when you first visit the website and when you navigate to a page with embedded content.