Klaas Knot, president of Dutch central bank DNB, explicitly denounced a new package of measures announced by the European Central Bank on Thursday. He called the measures "disproportionate to current economic conditions" and questioned their effectiveness in a press release on Friday.
Dutch central bank DNB ordered ABN Amro to review all its existing retail clients in the fight against financial crimes like money laundering, CEO Kees van Dijkhuizen revealed in a statement released with the bank's second quarter report. ABN Amro made 114 million euros available for this review of existing clients, the CEO said.
Imbalances on the Dutch housing market pose the "biggest stability risk" to the Netherlands, Dutch central bank DNB said in its latest Financial Stability Overview. The central bank also warned that a "disorderly Brexit" and the trade war between the United States and China can seriously damage economic growth.
The prices of houses in the Netherlands are still rising, albeit less rapidly than before, and the housing shortage continues. This makes it increasingly difficult for the average Dutch person to be able to afford a house.
More companies are looking to settle in the Netherlands after the Brexit. Over the past six months Dutch central bank DNB received 35 applications for a license in the banking sector, the insurance sector, and "especially in the payment institutions and electronic money sectors", among others, the bank said on Wednesday.
Over the past weeks the police arrested three people in Almere on suspicion of involvement in the large-scale production, trade and distribution of counterfeit money. According to the police, counterfeit notes made in Almere were found all over Europe.
ABN Amro is suddenly stepping up its game in the fight against money laundering. The bank is investing 85 million euros into getting its client files in order and is hiring hundreds of new employees to help with this. ABN Amro confirmed that it is in "constant dialogue" with regulator DNB, but would not say if it is trying to avoid fines or other penalties, the Volkskrant reports.
Over the past decades free sector rental homes have been too much of a "neglected child" in the Dutch housing market policy, Klaas Knot, president of Dutch central bank DNB, said in a speech on Monday. He called for more attention to be paid to this part of the housing market, ANP reports.
Dutch central bank DNB fined Rabobank over 1 million euros for not having its customer files in order, and therefore doing inadequate checks on criminal money flows, Rabobank confirmed to the Volkskrant.
Micheal Fudge, who was killed in a police shooting near Dutch central bank DNB on Westeinde in Amsterdam on Wednesday, suffered severe anxiety disorders his entire life, according to his mother. He wanted euthanasia, but when he could not get it, he opted for suicide by cop, mother Tanja Samojlenko said to Het Parool.
The police shot and killed a man near Dutch central bank DNB in Amsterdam at around 7:15 p.m. on Wednesday. Officers shot the 31-year-old man from Amsterdam when he came at them with a gun, the police said, NU.nl reports.
Dutch central bank DNB issued a warning to Vivat because the insurer is too lax with its screening on terrorism financing. Vivat could face a sanction if the company does not improve the situation quickly, Financieele Dagblad reports based on a letter DNB sent to the insurer.
As the Dutch economy continues to improve, more permanent jobs will be offered in the Netherlands and contract wages at companies will continue to rise, according to Dutch central bank De Nederlandsche Bank (DNB), NU.nl reports.
The number of permanent jobs is already increasing, said Job Swank, director of financial stability at DNB. This year, contract wages are expected to rise by 2.1 percent, after they already rose 1.5 percent in 2018. For 2019 and 2020 the bank expects wage increases of 2.6 and 3 percent respectively.
Since May of this year, only 39 percent of transactions in the Netherlands were paid for with cash, compared to around 60 percent in 2014, according to new figures from Dutch central bank DNB and the Dutch Payments Association. DNB is concerned about the rapidly decreasing use of cash money. A cashless society is "vulnerable", DNB cash director Coen Voormeulen said to newspaper AD.
The Commonwealth Bank of Australia (CBA) is planning to move part of its staff from London to Amsterdam due to the Brexit. The Australian bank applied for a banking license with Dutch central bank DNB, ANP writes based on reports in British media.
Multiple banks under the supervision of Dutch central bank DNB are too lax when it comes to countering money laundering, according to the regulator. Minister Wopke Hoekstra of Finance asked the DNB to look into this after ING was slapped with a massive settlement for this same reason. He informed parliament about the results of the DNB investigation on Tuesday, ANP reports.
A group of 21 high-level managers at ABN Amro contacted the Dutch supervisors on the financial markets to raise alarm about the lack of leadership at the bank. CEO Kees van Dijkhuizen is not a leader and the bank has basically no strategy, they write in a letter to DNB and AFM. The Ministry of Finance was also warned, NOS reports.
The debts of investors, home buyers, consumers, companies, and governments are rising to dangerously high levels world wide, Nout Wellink and Hans Hoogevorst warn in the Telegraaf.
Wellink and Hoogevorst were in charge of Dutch central bank DNB and Dutch authority on financial markets AFM respectively during the financial crisis that started in 2008.
According to the two financial experts, there is insufficient clarity on where the risks are, which means that markets could underestimate the rising deficits. They call te banking sector a particular cause of concern.
Minister Wopke Hoekstra of Financie is looking into whether banning certain cryptocurrency exchanges is desirable and possible. He hopes to give the Tweede Kamer, the lower house of Dutch parliament, information about this in the next few weeks, AD reports.
According to Hoekstra, the government would like to ban bitcoin derived products such as binary options - where people basically gamble on whether an asset like Bitcoin will rise to a specific price, or fall below a certain amount. But he added that this must first be properly investigated.
The Dutch Tax Authority was hit by a DDoS attack on Monday, NOS reports. According to the tax service, its site was difficult to reach for a time on Monday morning, but everything should be working again. Three Dutch banks also faced such cyber attacks since Saturday.
Dutch banks ABN Amro and ING were both hit by DDoS attacks over the weekend, leaving customers unable to use their mobile- or online banking for hours at a time, NOS reports.
In a DDoS attack large amounts of data traffic is sent to a particular website, overloading its server and thereby crashing the site.
Politicians, cryptocurrency companies and regulators appearing in parliament on Wednesday all agreed that clearer policy and regulations are needed around the developing cryptocurrency sphere.
Minister Wopke Hoekstra of Finance warned Dutch investors about the risks involved in trading in Bitcoins and other cryptocurrencies. The price of the largest cryptocurrencies plummeted last week.
The Dutch economy continues to grow strongly, with growth of over 3 percent expected for this year and next year, according to Dutch central bank DNB's latest forecast, RTL Nieuws reports.
The economic growth will reach a peak of 3.3 percent this year, the strongest growth in 10 years, according to DNB. Next year the bank expects the economy to grow by 3.1 percent, and 2.3 percent growth is expected in 2019. "We are moving from economic recovery to economic expansion", DNB director Job Swank said, according to the broadcaster.
Amsterdam Trade Bank, the Dutch subsidiary of Russia's Alfa Bank, was raided as part of a money laundering investigation last week, Marieke van der Molen of the Public Prosecution Service confirmed to NL Times.