Supervision and compliance in financial law
Expert legal guidance on supervision, enforcement, and compliance
Organizations active in the financial sector face intensive supervision and strict compliance obligations. Regulators such as the AFM and the Dutch Central Bank (DNB) have extensive powers, including investigation, enforcement, and the imposition of sanctions. A careful legal strategy is essential in these matters.
Farber Zwaanswijk Advocaten supports companies and professionals with issues regarding supervision and compliance. We advise and provide guidance during investigations, enforcement procedures, and compliance with laws and regulations, with a focus on both legal risks and the continuity of your organization.
What is supervision and compliance?
In recent years, companies, particularly within the financial sector, have been confronted with an increasing number of laws and regulations. Compliance with these laws and regulations is referred to as compliance. To verify whether companies are meeting these requirements, various regulators maintain active supervision.
Supervision and compliance are legally based on, among others, the Financial Supervision Act (Wft) and the Anti-Money Laundering and Anti-Terrorist Financing Act (Wwft). This legislation is aimed at promoting transparency, integrity, and stability within the financial sector, and at preventing fraud, money laundering, and terrorist financing.
Supervision and regulation within the financial sector
Strict supervision rules apply within the financial sector. The following regulators and laws define the framework within which institutions and professionals must operate.
Authority for the Financial Markets (AFM)
Supervision of the conduct of financial enterprises and the functioning of financial markets, with powers of investigation and enforcement.
Financial Supervision Office (BFT)
Regulator for notaries, bailiffs, and accountants, focused on financial integrity and compliance.
The Dutch Central Bank (DNB)
Prudential supervisor of financial institutions, with a focus on stability, governance, and soundness.
FIU report
Mandatory reporting of unusual transactions, with potential follow-up investigations by investigative services.
Financial Services Complaints Tribunal (Kifid)
Handling of complaints from consumers and entrepreneurs against financial service providers.
Investigation by external lawyers
Independent internal investigations into potential violations or integrity issues.
Financial Supervision Act (Wft)
Core legislation for the financial sector with rules on licensing, conduct supervision, and market integrity.
Supervision may occur during regular inspections, signs of non-compliance, or reports from third parties. Enforcement follows when regulators suspect that laws or regulations have been violated.
This depends on the nature of the investigation. Therefore, please contact our attorneys for advice.
This can lead to fines, instructions, penalty payments, reputational damage and, in some cases, criminal prosecution or personal liability.
Complaints and enforcement within financial supervision
Within supervision and compliance, complaints and enforcement measures can have significant consequences. Consumers, small business owners, and self-employed professionals can file complaints with the Financial Services Complaints Tribunal (Kifid) regarding financial products or services. A Kifid procedure can lead to binding rulings and further consequences for the service provider involved.
Additionally, non-compliance with laws and regulations can lead to enforcement action or criminal prosecution, with potential consequences such as a court conviction, high costs, and reputational damage.
Issues regarding supervision and compliance?
Timely legal guidance is essential to prevent escalation. By seeking advice early, risks can be mitigated, and you will receive careful guidance when an investigation or procedure is unavoidable. It is therefore advisable to seek legal advice before providing information or cooperating with an investigation.
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