In addition, our central compliance department continuously analyses the integrity risks that we run as a central bank and supervisor, especially in view of our public role. Unsound conduct by DNB or its employees could have an immediate impact on public confidence in our organisation.
The Prevention of Money Laundering and Terrorist Financing Act, which recently came into effect, gives substance to customer due diligence. Financial institutions must at all times apply the basic criteria: know your customer and know your business. In other words: even if an institution’s employees are sound, they may unwittingly do business with dishonest customers.