ENFORCEMENT ACTIONS AGAINST FINANCIAL INSTITUTIONS IN THE NETHERLANDS ON THE RISE

The Dutch Central Bank (DNB) has been taking a tough stance on financial institutions’ compliance with international sanctions, resulting in significant actions against those who fail to comply.

Monitoring Sanctions Compliance

Under the country’s sanctions laws, financial institutions are required to:

• Check customers against UN and EU lists of individuals and organizations subject to economic penalties
• Take immediate action if a customer is found to be on such a list, including freezing assets or blocking transactions

The DNB has been closely scrutinizing financial institutions’ efforts to comply with these regulations.

Recent Figures

As of April 2, 2023:

• Dutch financial institutions subject to DNB supervision had frozen €644.5 million in assets
• They had blocked €863.4 million worth of transactions related to sanctions imposed on Russia

Reducing the Risk of Non-Compliance

The DNB’s strict enforcement actions aim to reduce the risk of non-compliance with sanctions regulations, which could have serious consequences for international peace and security.

Collaboration with the Ministry of Finance

In addition to enforcing sanctions compliance, the DNB has been working closely with the Ministry of Finance to monitor the effectiveness of economic penalties in addressing global challenges such as terrorism and cybercrime.