Ultimatum DNB to banks to remove Russian customers from sanctions list

“Banks need to know their customers, so systems need to be able to handle that,” says Knot. In recent years, ING, ABN Amro and Rabobank have been severely condemned by the DNB for insufficient supervision. ABN and ING were fined €480 million and €775 million respectively.

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Yet things go wrong, as evidenced by the low number of reports from financial institutions (132) that Kaag informed the House of Representatives on Monday. “We found that we haven’t received all the reports we should have about such hits yet,” Knot says. “So when a person appears on the screen.”

Knot adds that in theory the bank may have followed up on the customer, but has not yet forwarded the customer to DNB. “More effort will have to be made to report this to us immediately,” warns Knot. DNB gives Dutch financial institutions until March 21 to do so.

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The Dutch Banking Association (NVB) said banks have started sanctions policy “as soon and definitively as possible” and that all freezes will be reported. But banks would be shocked by DNB’s hunger for new information.

“DNB said it wanted a broader reporting application and, for example, also [willen] forwarding transactions to sanctioned parties that block banks. We were surprised that this reporting practice differed from the practice that has developed over the years in the field of enforcement policy. “The banks will of course lend their full cooperation to this,” says NVB spokesman Bart van Leeuwen.

The NVB states that it takes time to set up and implement such a new reporting regime.

Source: RTL

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