SUPERVISION by De Nederlandsche Bank in the BES as from July 2012 Information meeting / Roundtable St. Maarten – 6 February 2012 – Paul van den Berg – Legal Services Division – Supervision & Regulation – Marijn Ridderikhof – Expert Centre Culture, Organisation & Integrity EN
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SUPERVISION by De Nederlandsche Bank in the BES as from July 2012
SUPERVISION by De Nederlandsche Bank in the BES as from July 2012. Information meeting / Roundtable St. Maarten – 6 February 2012 – Paul van den Berg – Legal Services Division – Supervision & Regulation – Marijn Ridderikhof – Expert Centre Culture, Organisation & Integrity. EN. - PowerPoint PPT Presentation
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SUPERVISION by De Nederlandsche Bank in the BES as from July 2012
Information meeting / Roundtable St. Maarten – 6 February 2012
What is expected of financial enterprises? – integrity requirements in the Wfm BES (2) –
Rules on financial enterprises with establishment (= registered office / branch) in BES:
proper & sound operation of business (“integere bedrijfsvoering”)
policy - procedures - measures
systematic analysis of integrity risks
arrangement of compliance function
client acceptance
protected bank accounts (credit institutions)
‘back to back positions (credit institutions)
What is expected of financial enterprises? – integrity requirements in the Wfm BES (3) –
Further aspects of proper & sound business operations (“integere bedrijfsvoering”)
duty to report incidents
integrity sensitive functions
conflicts of interests
measures to comply with AML/CFT-regulations in Wwft BES (credit institutions / life insurers)
measures to comply with Sanctions Act
What is expected of financial enterprises? – integrity requirements in the Wfm BES (4) –
As from when will the regulations apply ?
In effect largely since the introduction and subsequent changes of National Ordinances of the former Netherlands Antilles + Procedures & Guidelines of BNA (CBCS)
Formally as from 10/10/2010 via Wtbk 1994 BES, Wtv BES, Wid BES, Wet MOT BES, Sanctions Act + ministerial regulations
Final regulatory framework as from 01/07/2012 via Wfm BES, Wwft BES and Sanctions Act + decrees, by-laws & regulations
Overview of Acts & regulations – final regulatory framework from 01/07/2012 –
ACT Decrees, by-laws & regulations
Decrees & Min. regulations
Supervisory regulations & policy rules of DNB (guidance)
‘Sanctieregeling BES’ Various Sanctions Reg. (financial transactions) EU Sanctions
The supervisory approach of DNB
Supervisory approach: risk based
Enforcement policy / Supervisory instruments
Information www.bes.dnb.nl
regulations on sanctions News Service DNB (subscriptions via www.dnb.nl)
updates ‘FATF high risk jurisdictions’ (please be aware: no announcements in writing!)
No permanent presence of DNB Supervision in BES
Reporting framework & -formats credit institutions (New) Charts of Accounts CBCS insurers reporting framework / forms CBCS
(National Ordinance insurance industry CUR / SXM)
Ongoing supervision trustworthiness testing of policy-makers
(exchange of information) implementation of Capital Accord Basel II
(credit institutions)
Cooperation DNB – CBCS (1)
Council of Supervisors of the Kingdomparticipants: AFM, CBA, CBCS en DNB
Working Group on the Harmonisation of Integrity Supervision “harmonisation of the requirements concerning proper & sound business operations (“integere bedrijfsvoering”) – specifically AML/CFT – and the supervision thereof, aimed at reaching a ‘level playing field’ within the Caribbean part of the Kingdom”
Bilaterally, in various fields, such as: support in research support in the drafting of guidelines
Cooperation DNB – CBCS (2)
Contact & Information
[email protected] questions about licensing or market access remarks or reports on financial enterprises
that are active in BES without the required licence or authorisation
Via your regular contact person at the Supervisory department(s) of DNB