Financial Crime World

FinTech Boom and AML Crackdown: Why Sanctions Experts are in High Demand in the Dutch Financial Sector

A Pivotal Year for the Dutch Financial Sector

The year 2023 brought about significant changes for the Dutch financial sector. The focus on Financial Crime effectiveness reached new heights and resulted in an unprecedented crackdown on money laundering (AML) activities. De Nederlandsche Bank (DNB) tightened its stance on AML regulations, with a particular emphasis on sanctions enforcements, in response to international tensions between Russia and Ukraine.

FinTech Sector Flourishes

Despite the increasing regulatory scrutiny, the FinTech sector continued to thrive, marking an impressive year of growth. Some of the factors contributing to the FinTech sector’s expansion include:

  • Government support
  • Increased investments in key technologies like AI and blockchain

These factors led to a surge in data-driven analytics for banks and increased the demand for:

  • Data-savvy compliance professionals
  • Those with extensive knowledge of data protection

Skilled Financial Crime Professionals in High Demand

The DNB’s intensified efforts in enforcing AML regulations resulted in a heightened need for skilled Financial Crime professionals within banks across the Netherlands. Specifically, the demand for sanctions experts has risen significantly. These professionals are tasked with navigating the complex landscape of international sanctions while ensuring full compliance with all regulations.

Many financial professionals are choosing to explore opportunities within FinTech, Payments, and Cryptocurrency companies due to increasing competition and salary expectations within traditional banks. This trend is expected to continue as the FinTech sector’s growth is forecasted to persist into 2024.

Essential Skills for Financial Institutions

As we look towards the upcoming year, the following skills will remain essential for financial institutions in the Netherlands:

  • Data analytics
  • Data protection
  • Solid understanding of Financial Crime, specifically sanctions

Tailored Solutions for Your Hiring Needs

Isabel Anchebe, Associate Director and Head of Compliance for Europe at Danos Associates, can provide tailored solutions for your organization’s hiring needs amidst the competitive Dutch Compliance & Financial Crime market. Her expertise and insights can help guide you through the current landscape and secure the most suited talent for your team.

Contact Isabel at +44 (0) 20 3889 5758 or ianchebe@danosassociates.com for more information.