A financial seminar, focused on financial supervision, was organized by De Nederlandsche Bank (DNB), the Finance Intelligence Unit—the Netherlands (FIU), and the Dutch Authority for the Financial Markets (AFM). It was held on October 30th in Bonaire.
The seminar was attended by employees who deal with customers on a daily basis, such as front-office staff, financial advisers, and compliance officers from banks, insurers, and intermediaries. These employees are responsible for implementing the various regulations overseen by DNB and AFM in practice. They play a crucial role in countering money laundering in the Caribbean Netherlands by reporting unusual transactions to FIU-the Netherlands. They also ensure that residents of Bonaire receive sound advice when taking out loans, insurance, and similar services.
The seminar was opened by Governor John Soliano, who stressed the importance of integrity for Bonaire. Throughout the day, the presenters addressed many questions and there was ample opportunity to exchange knowledge and experiences during the breaks and after the seminar. The participants wanted to know, for example, how businesses are protected from liability when reporting unusual transactions to the FIU. They were also curious about what is permitted when providing a loan to consumers.
The supervisors explained that companies on the island are working hard to combat money laundering and to serve consumers properly. They emphasized the importance of being alert to ‘red flags’ and encouraged collaboration and consultation when needed. As the governor emphasized in his introduction: the seminar participants are all on the front lines in the fight against crime and undermining activities on the islands.
It was a useful and instructive day for all participants and presenters. FIU-the Netherlands and the regulators themselves also learned a lot from the seminar and they will continue to organize such meetings in the future.
