Increase in audits on KYC/AML

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Increase in audits on KYC/AML

Financial institutions have insufficient focus on integrity risks

Recently in the Dutch Financial Times, the Dutch Central Bank (DNB) has expressed its dissatisfaction on the progress that financial institutions make in mitigating their integrity risks. Deloitte clarifies what companies can do to improve their integrity risk management and comply with DNB requirements.

The last few years, DNB has intensified its supervisory activities and performed many audits on KYC/AML (Know Your Customer, Anti-Money Laundering) and sanctions. These DNB audits pushed financial institutions to implement a comprehensive set of measures to improve their integrity risk management. Even though banks launched major projects to do so, anno 2016 DNB still believes banks should improve their gatekeeper function. Furthermore, DNB has announced that it will audit more intensively in the coming years.

Considering this regulatory status quo combined with the consequences of the economic crisis, financial institutions find themselves in a challenging position: how to meet regulatory requirements and keep this cost efficient?

In the document attached to this page Deloitte clarifies which steps companies could take to improve their integrity risk management and comply with DNB requirements – and do this cost efficiently.


More information

Would you like to more about KYC/AML or the DNB sanctions? Please contact Martin Eleveld via +31882887501 or Gerrie Lenting via +31882880781.

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