Regulatory Alerts2014-05-09
Added · Updated
Regulation on Supervision pursuant to the Sanctions Act 1977
Financial institutions must implement internal control measures to verify whether customer identities match individuals or entities listed in sanctions regulations. Institutions are required to immediately notify the supervisory authority of any such matches and retain the notifications and underlying data for up to five years after the relevant sanctions expire or are abrogated. These records must be submitted to the supervisor upon request.
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)
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