Dutch banks and other financial institutions are not yet sufficiently aware of the integrity risks which they are exposed to, such as financing terrorism, money laundering and fraud, the Dutch central bank said on Monday.
‘Basic compliance is often not yet properly organised. This is important because criminal money looks for the weakest links,’ central bank board member Frank Elderson said at the launch of the bank’s key supervisory concerns for 2016.
The bank has looked at the risks to integrity run by 170 different institutions and found just seven were completely on top of the issues, the Financieele Dagblad reports. Too many were not sufficiently aware of the most important risks, the researchers found.
Corruption, conflict of interest and cybercrime were also on the list of potential risks under investigation.
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