Financial Crime World

Dutch Firms Face Consequences of Non-Compliance with Financial Sanctions

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In today’s increasingly regulated financial landscape, companies in the Netherlands are under growing pressure to ensure they comply with anti-money laundering (AML) and terrorist financing regulations. The authorities have taken a closer look at firms that violate the Dutch Money Laundering and Terrorist Financing Prevention Act (Wwft) and the Dutch Sanctions Act 1977, leading to numerous enforcement actions.

Consequences of Non-Compliance

The consequences of non-compliance can be severe for companies. They may face significant fines, and management may risk personal penalties or even criminal prosecution. Moreover, regulatory breaches can have long-term implications for directors, potentially affecting their future career prospects.

Our Services

Our AML & Sanctions team provides daily guidance to financial institutions, accountants, and other parties subject to the Wwft on complying with anti-money laundering directives and sanctions regulations. Our services include:

  • Client due diligence
  • Transaction monitoring
  • Unusual transaction investigations and reporting
  • Policy reviews
  • Systematic integrity risk analyses

Comprehensive Compliance Framework

As part of our comprehensive compliance framework, we can assist firms in setting up an overall compliance system. We work closely with other experts if necessary to ensure that financial institutions have a robust compliance infrastructure in place. With the Dutch Central Bank (DNB) and the Dutch Authority for the Financial Markets (AFM) conducting regular licence application assessments, it is essential for financial institutions to ensure they are compliant.

Staying Ahead of Changing Regulations

By staying abreast of changing regulations and best practices, we empower our clients to navigate the complex landscape of financial sanctions compliance. Our expertise helps mitigate risk and ensures that operations remain compliant with Dutch and EU laws.