Dutch Authority for the Financial Markets

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AFM   21 August 2018
AFM starts review of compliance with Wwft BES
The AFM will conduct a review of compliance with the Anti-Money Laundering and Anti-Terrorist Financing (BES) Act (Wwft BES’) in the third quarter of 2018. A number of service providers were sent written requests for information in August for the purpose of this review. The AFM is also requesting clientfiles and will evaluate these files.
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more information about Wwft BES
Outcome Marketmonitor 2018
The AFM sent out the Marketmonitor 2018 in the first quarter of 2018. Among other things, the responses received show that several institutions have not formulated a current description of their administrative organisation and system of internal control (AO/IC). A number of institutions have also not organised their professional competence.
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more information about the marketmonitor
Change term of use of credit cards to 5 years
The AFM no longer recommends using a term of up to 2 years when a customer applies for a credit card to finance a loan. Institutions may from now on use a term of up to 5 years in the calculation of the maximum credit to be provided. The AFM has changed its advice because a term of 5 years is normal practice in the market.
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to frequently asked questions maximum lending
DNB workshop: Money Laundering, Red Flags and Scenarios
On 5 July De Nederlandsche Bank (DNB) and the Financial Intelligence Unit (FIU) in Bonaire held an interactive workshop for the banking sector, themed “Money laundering, red flags and scenarios”. The aim of the workshop was to introduce the most commonly used money laundering methods,for instance ABC constructions, loan back constructions, trade-based laundering, cryptos and credit card skimming.
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learn more about this workshop
Question of the month: Are institutions obliged to give information to the AFM?
The supervisors at the AFM are authorised to request information on the basis of sections 7:8 and 7:11 of the BES Islands Financial Markets Act (Wet financiële markten BES). Institutions are obliged to comply with these requests. If an institution does not comply, the AFM may impose a formal measure (such as a fine) for failure to meet the obligation to comply.
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If you have any questions with regard to this newsletter, please send an email to bes@afm.nl.
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The AFM is committed to promoting fair and transparent financial markets. As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.
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