On 25 May 2020, the Cooperation agreement on the exchange of confidential data or information between the Financial Supervision Office (BFT) and the Netherlands Authority for the Financial Markets (AFM) under the Money Laundering and Terrorist Financing (Prevention) Act and the Audit Firms Supervision Act was published in the Official Journal.
18 Jun 2020
Both the FTT and the AFM have a (derivative) duty in combating and preventing money laundering and the financing of terrorism, and in that context exercise integrity supervision over audit firms and their employees. It is in the interest of integrity supervision that the FTT is able to provide the AFM with confidential data or information for the performance of its supervisory duties under the Act, and that the AFM is able to provide the FTT with confidential data or information insofar as this is useful to strengthen the integrity of the financial markets or accountancy organisations.
These supervisors cooperate and make agreements about the processing of personal data in general and, more specifically, determine the conditions under which the data exchange will take place, including agreements about the confidentiality of the confidential data or information subject to supervision, data minimization, data security, and the maximum retention periods.
This article was originally published in the May edition of REGWATCH. Read the full edition covering the following jurisdictions:
- European Union
- Hong Kong
- United Kingdom