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Caribbean Netherlands: Amendment to Wwft BES Manual

Bonaire Krelendijk colourful houses

The manual for the Money Laundering and Terrorism Financing (BES Islands) Act (Wet ter voorkoming van witwassen en financieren van terrorisme BES, hereinafter ‘Wwft BES’) has been amended in line with the new Wwft BES regulations in force since 1 July 2021. The manual gives practical assistance for the application of the new regulations. 

In brief

  • new Wwft BES regulations with effect from 1 July 2021;
  • manual provides further explanation of how to apply the regulations;
  • compliance with regulations for the prevention of money laundering and terrorism financing.

New Wwft BES regulations with effect from 1 July 2021

The new regulations in the Wwft BES have led to several important amendments. 

  • There are new obligations regarding the preparation of a risk assessment, policy, procedures and codes of conduct. 
  • Day-to-day policymakers must complete mandatory training (to the extent relevant for the performance of their duties).
  • The definition of a ‘politically exposed person’ has been widened. 
  • Life insurance brokers will no longer be able to rely on a simplified client due diligence procedure as standard. Existing clients must be checked to establish that their files meet the requirements of the new Act. If this is not the case, the service provider must bring these files in line with the new requirements. 

The Wwft BES Manual provides further explanation of how to apply the regulations

The new Wwft BES Manual is available on the AFM website. This AFM manual gives further clarification of the requirements applying to service providers on Bonaire, Sint Eustatius and Saba under the Wwft BES, together with practical assistance using specific example. So please study it carefully. The manual is available in Dutch, English and Papiamentu.

Compliance with regulations for the prevention of money laundering and terrorism financing

As in previous years, the AFM will review compliance with the Wwft BES during its visits to the BES Islands, with special attention paid to the new requirements in the Wwft BES. The AFM may take further action in case of violations of legislation and regulations. 

The service providers on the BES Islands subject to the AFM's supervision with respect to the Wwft BES are service providers acting as life insurance brokers, operate as investment firms or provide certain investment services (such as individual asset management). 

Questions?

Contact one of our AFM employees via bes@afm.nl.

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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