Compliance

 

The Compliance department ensures that new laws and regulations are implemented within NIBC at all levels. Staff are made aware of any legislatory changes, and Compliance ensures that steps are taken to act in accordance with them.

 

The Compliance function aims to help ensure that NIBC and its employees adhere to external legislation and internal procedures that are intended to promote sound behaviour and ethical standards.

 

Sound behaviour and ethical standards can only be achieved if staff members are sufficiently informed and aware of compliance issues. To this end, the Compliance function within NIBC establishes clear procedures and creates awareness through training and compliance consultancy.

 

The most important development of 2008 was the implementation of the third EU anti-money laundering directive, known as the Act for the Prevention of Money Laundering and the Financing of Terrorism. Known in Dutch as the Wet ter voorkoming van witwassen en financieren van terrorisme (WWFT), this legislation came into force in the Netherlands on 1 August 2008. In response to the WWFT, NIBC amended its customer due diligence procedure and introduced an enhanced automated monitoring system of NIBC clients and  their possible ultimate beneficial owners.