Financial Crime World

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Dutch Anti-Money Laundering (AML) Act and Depositor Protection Regime

As of October 2023, the Dutch AML Act and Depositor Protection regime have undergone significant changes. Here’s a summarized overview of the current landscape.

Dutch AML Act

The Dutch AML Act follows a risk-based approach to combat money laundering and terrorist financing. This approach involves identifying and assessing risks associated with customers, transactions, and business relationships.

Key Components of the Risk-Based Approach

  • AML-CFT Risk Analysis: The cornerstone of the risk-based approach, determining concrete measures to prevent money laundering and terrorist financing.
  • Customer Due Diligence (CDD): Banks must identify and verify customer identity, Ultimate Beneficial Owner(s), and purpose of business relationships.
  • Transaction Monitoring: Banks must monitor transactions to identify unusual activities and report them to the Financial Intelligence Unit Netherlands (FIU-NL).

New AML-CFT Industry Baselines

The Dutch Banking Association (DBA) has drafted industry baselines to provide clear starting points for the risk-based application of open standards in CDD by banks.

Dutch Deposit Guarantee Scheme

The Dutch Deposit Guarantee Scheme is designed to protect depositors in case of bank failures. Here are its key components:

Regime Overview

  • The scheme is laid down in Section 3.5.6 of the DFSA and administered by the DNB.
  • It ensures that eligible accounts are protected up to a certain amount.

Deposit Guarantee Fund (DGF)

  • The fund is managed by the DNB, with Dutch-licensed banks contributing quarterly to reach at least 0.8% of deposits guaranteed by 2024.

Eligible Accounts

  • Payment accounts
  • Savings accounts
  • Fixed-term deposits
  • Life-cycle saving schemes
  • Bank savings accounts

Account Holders

  • Natural persons
  • Businesses (small, medium, and large)
  • Other eligible account holders

Please note that this summary is based on the provided text and might not be comprehensive or up-to-date. For the most accurate information, consult the relevant authorities or sources.