Reindert Tinga

Senior Manager Internal Audit, Risk & Compliance

E reindert.tinga@bdo.nl

T +31 (0)30 633 63 04

Marieke Heltzel

Senior Manager Financial Regulatory

E marieke.heltzel@bdo.nl

T +31 (0)30 633 63 37

Correct prioritization

While, in recent years, regulators focused mainly on banks, other financial institutions such as investment funds, pension providers and life insurance companies have now gained more of the spotlight. As a result, these organisations, too, need to prioritise AML/sanctions in their policies and ensure that their people have the awareness, knowledge and capacity to detect financial crime. The challenge here is to balance the cost of compliance with commercial objectives.

Regulators have conducted several AML/sanctions investigations in the past few years. In addition to formal enforcement actions, investigations often lead to mandatory remediation, in which process a regulator will typically demand an audit be carried out by an independent expert so that they can form an opinion of the effectiveness of the remediation.

Policies and procedures

At BDO, we can help you prepare policies, procedures and work instructions, and assist you in implementing them. In doing so, we will ensure that the description of the policies and procedures is a good fit for your organisation and your people, so that the documents are workable and easy to use.

Audits

At BDO, we can perform AML audits as a preventive measure or to validate remediation actions following regulatory investigations. Sometimes a quick scan will be all that is needed to prepare for an investigation by a regulator.

Risk assessment

At BDO, we have the expertise to help you perform efficient risk assessments that meet the applicable rules and regulations, and help you gain an understanding of relevant risks in order to take appropriate action to effectively mitigate them.

Training and workshops
At BDO, we have a team of experienced professionals who can teach workshops to your executive and non-executive directors, your senior management and your other employees. We can also assist you in developing and running tailor-made courses or e-learning modules.

Remediation projects

At BDO, we have experienced professionals who can offer support in remediation projects using our high-quality tooling. They can also manage these projects for you.

Services provided by BDO

Uniform enforcement

AML and sanctions are priorities for national and European regulators. AML and sanctions regulations have increasingly been harmonised throughout the European Union (EU) over recent years. The European Commission’s objective is to establish a new European AML/sanctions authority, which will facilitate more uniform enforcement across the EU.

Financial institutions have an important role to play in combating money laundering, terrorist financing and other forms of financial and economic crime. For this reason, they are expected to take a responsible approach to fulfilling their gatekeeper role. Financial institutions have stepped up their mutual collaboration in recent years and more public-private partnerships (PPPs) are emerging as well. In the Netherlands, information is now being exchanged through the Financial Expertise Centre (FEC), for instance. In July 2021, the European Comission tabled a proposal to establish a new EU Authority to counter money laundering and the financing of terrorism (AMLA). The AMLA would be the centre of an ingetrated system composed of the autority itself and the national authorities with an AML/CFT supervisory mandate. It would also support EU financial intelligence units (FIUs) and establish a cooperation mechanism among them.

The laundering of criminal money has a major impact on society. That is why we need to be and stay vigilant in combating money laundering. The authorities and the financial sector have a shared interest in the fight against money laundering.