A third of Dutch financial institutions cannot trace and freeze blacklisted Russian assets due to transliteration discrepancies in account owners surnames, undermining EU sanctions.
Banks have reached a compromise with the Dutch central bank DNB about ultra-strict money laundering controls. Instead of carefully checking all clients for signs of money laundering, the most intensive checks will happen in a more risk-based manner, the Association of Dutch Banks (NVB) said in a press release. “Bona fide customers will soon be able to open a bank account more easily and will receive fewer difficult questions from their bank,” the NVB said.
From July 1, 2023, Mastercard Debit will replace Maestro debit cards in the Netherlands. V PAY is also being phased out and will be replaced by Visa Debit.