On 3 April 2009, the Netherlands Authority for the Financial Markets (AFM) imposed an administrative fine of € 24,000 on Van Kuringe Holding B.V. for failing to immediately inform the AFM of incidents. Incidents concern behaviour or events that constitute a serious danger to the honest exercise of Van Kuringe Holding B.V.'s business.
Pursuant to Section 29, third subsection, of the Decree on Conduct of Business Supervision of Financial Undertakings, the financial service provider must inform the AFM immediately if incidents have occurred in its business, because these incidents, by their nature, cause a threat to the integrity of the financial markets.
Van Kuringe has failed to inform the AFM that it collaborated with a person suspected of fraud with mortgage loans applied for at Van Kuringe. Van Kuringe has also failed to inform the AFM that one of its employees was questioned by the police in connection with drawing up fraudulent invoices (as a suspect) and money laundering. And finally, Van Kuringe failed to report that one of its clients is suspected of money laundering in connection with the performance of transactions via Van Kuringe. The aforementioned incidents took place during the period from 29 March 2007 to 25 January 2008 inclusive.
The AFM has not, for that matter, established that Van Kuringe is personally guilty of money laundering and mortgage fraud.
If you have any questions or comments you may contact the Financial Markets Information Line of the AFM on: 0900 - 5400 540 (0.05 euro per minute) or from abroad +31 20 797 3715.
The AFM promotes fairness and transparency within financial markets. We are the independent supervisory authority for the savings, lending, investment and insurance markets. The AFM promotes the conscientious provision of financial services to consumers and supervises the honest and efficient operation of the capital markets. Our aim is to improve consumers’ and the business sector’s confidence in the financial markets, both in the Netherlands and abroad. In performing this task the AFM contributes to the prosperity and economic reputation of the Netherlands.
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