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Caribbean Netherlands: Market Monitor 2019 shows room for improvement

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Financial enterprises in the Caribbean Netherlands could be more diligent. This is one of the conclusions from the 2019 Market Monitor of the Dutch Authority for the Financial Markets (AFM). The quality of the delivered data has improved compared to 2018. There are nevertheless some areas of concern.

In brief:

  • more than 10% of the enterprises provide incorrect data. For example, these data are incomplete, or figures/amounts reported are too high or too low
  • incidents were not reported to the AFM, even though several enterprises indicated that incidents had occurred
  • several enterprises indicate that they do not have an up-to-date Administrative Organisation and Internal Control (AO/IC) description
  • several enterprises do not have a complaint registration system, even though this is mandatory.

The AFM will examine the quality of the data together with DNB by means of random checks. Deficiencies in the business operations, such as the absence of a complaint registration system or AO/IC description, must be resolved by the enterprises in the short term. The AFM has informed all enterprises of the results by means of a letter.

Market Monitor for the year 2020

The Market Monitor is a digital questionnaire for banks, credit unions, loan providers, insurance companies and intermediaries. The Market Monitor for the year 2020 is currently being prepared. Enterprises licensed by the AFM will receive an invitation to complete the questionnaire in the first quarter of this year.
In this context, the AFM will once again draw attention to the correct completion of the Market Monitor. With the information provided, the AFM gains better insight into the market. This allows the AFM to focus its supervision more on risks and trends in the market or developments at individual enterprises in the Caribbean Netherlands.

Do you have questions about the Market Monitor?

If you do, please contact our colleagues at the Central Contact Centre via bes@afm.nl. This is also the email address for other questions about supervision or about legislation for the Caribbean Netherlands.

The AFM is committed to promoting fair and transparent financial markets.

As an independent market conduct authority, we contribute to a sustainable financial system and prosperity in the Netherlands.

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