AFM confirms Robeco has brought all the CDD-processes for its Dutch direct retail fund distribution activities up to the expected standard
29 July 2022 - In November 2020 the Netherlands Authority for the Financial Markets (AFM) imposed an order subject to a penalty (‘last onder dwangsom’) to Robeco. This was to improve a number of deficiencies under the Dutch Anti-Money Laundering and Terrorist Financing (Prevention) Act (‘Wwft’) and the Dutch Sanctions Act (‘Sw’) with respect to its retail direct fund distribution activities in the Netherlands.
Over the recent period, Robeco has taken all necessary action to remedy these deficiencies. On April 28, 2022, the AFM has formally confirmed that Robeco has remediated all deficiencies and that Robeco will not forfeit any penalty sums.
As communicated early April 2022, separate from the order subject to a penalty, the AFM had imposed an administrative fine (‘administratieve boete’) of EUR 2 million for said deficiencies in the period between July 2018 and April 2020. Robeco has accepted this fine.
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