DNB & AFM Sanctions Alert – State of affairs concerning Russia and Ukraine – 10 March 2022

On 9 March the sanctions regime was changed in response to actions by Russia that destabilise the situation in Ukraine. The restrictive measures published in the European Official Journal concern:

• Regulation (EU) 2022/394 of 9 March 2022 amending Regulation (EU) No  833/2014 concerning restrictive measures in response to actions by Russia destabilising the situation in Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.
• Council Decision (CFSP) 2022/395 of 9 March 2022 amending Decision 2014/512/CFSP concerning restrictive measures in response to actions by Russia destabilising the situation in Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.
• Council Implementing Regulation (EU) 2022/396 of 9 March 2022 implementing Regulation (EU) 269/2014 concerning restrictive measures to actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.
• Council Decision (CFSP) 2022/397 of 9 March 2022 amending Decision 2014/145/CFSP concerning restrictive measures to actions that undermine or threaten the territorial integrity, sovereignty and independence of Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.
• Council Regulation (EU) 2022/398 of 9 March 2022 amending Regulation (EC) No 765/2006 concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.
• Council Decision (CFSP) 2022/399 of 9 March 2022 amending Decision 2012/642/CFSP concerning restrictive measures in view of the situation in Belarus and the involvement of Belarus in the Russian aggression against Ukraine. Click here to read the relevant legislative text in the Official Journal of the European Union.

On 9 March 2022, a corrigendum to Council Regulation (EU) 2021/1030 of 24 June 2021 was published. A number of terms were added to the list of definitions in this Regulation.

• Corrigendum to Council Regulation (EU) 2021/1030 of 24 June 2021 amending Regulation (EC) No 765/2006 concerning restrictive measures in respect of Belarus. Click here to read the relevant legislative text in the Official Journal of the European Union.

What institutions supervised by DNB should do

• Check whether this regulation applies (for example, to your customers, members or investments made).
• If this regulation applies, immediately follow up its orders and prohibitions: freeze the funds and/or economic resources and prevent the funds and/or economic resources from being made available, whether directly or indirectly. Prevent the provision of prohibited financial services.

• If you find that the identity of a business relation matches that of a person or entity mentioned in the sanctions regulations (a “hit”), you must notify us immediately, using the prescribed reporting form. Please email the report form to us at sancties@dnb.nl. You can download the report form from this page: Getting around in sanctions regulations (dnb.nl).

• If DNB has any questions about your notification, you should answer them immediately.
• In certain cases, a “hit” can be regarded as an unusual transaction within the meaning of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme – Wwft). If so, report this transaction to FIU-the Netherlands.
• This is an additional news service. Institutions retain the responsibility to stay abreast of and comply with sanctions legislation in a timely and accurate manner.

If you have any questions, ask the appropriate authority. More information is available on the Open Book on Supervision pages on our website.

What institutions supervised by AFM should do

• Check whether this regulation applies (for example, to your customers, to counterparties involved in a financial transaction or product, or to the financial services you provide).
• If this regulation applies, immediately follow up its orders and prohibitions; freeze the funds and/or economic resources and prevent the funds and/or economic resources from being made available, whether directly or indirectly, and refrain from providing prohibited financial services.
• Report any hits immediately by completing the form and sending it to the AFM by email at meldingsanctiewet@afm.nl. You can read the instructions on the AFM's website.
• If the AFM has any questions about your notification, you should answer them immediately. In certain cases, a 'hit' can be regarded as an unusual transaction within the meaning of the Anti-Money Laundering and Anti-Terrorist Financing Act (Wet ter voorkoming van witwassen en financiering van terrorisme – Wwft). If so, report this transaction to FIU-the Netherlands.
• In certain cases, a hit can also be an incident in the sense of Section 1 of the Decree on Business Conduct Supervision of Financial Enterprises (Besluit Gedragstoezicht financiële ondernemingen – BGfo).  If so, report the hit as an incident to the AFM.