Under the Sanctions Act 1977 [Sanctiewet 1977] insurers and brokers are expected to conduct due diligence reviews of their (prospective) business relations. The insurer, for one, is not allowed to pay any amount of claim to an organisation involved in terrorism. These reviews require a lot of time, money and manpower. That’s why the VNAB, the sector organisation for the corporate insurance market, launched the Sanctionpl@tform on 7 March 2016. This online platform allows the insurance market to comply with the Sanctions Act and regulations in a fast and cost-efficient way.
The VNAB Sanctionpl@tform identifies (prospective) business relations and checks them against the sanction lists. The standardised and computerised operation of the online application facilitates efficient and effective Sanctions Act-compliant reviews. All these reviews are stored on the platform and accessible by co-insurance market parties.
The rules are laid down in the Sanctions Act Protocol, which sets out how the Sanctions Act is implemented sector-wide.
Customer Due Diligence and Transaction Due Diligence support
The VNAB Sanctionpl@tform is the only platform that fully supports the conduct of Customer Due Diligence (CDD) and Transaction Due Diligence (TDD) reviews required by EU and US regulations. The platform is web-based and designed to be used for co-insurance, authorised underwriting and non-bourse policies, and accessible by both members and non-members of the VNAB.
In collaboration with Fenêtre Online Solutions in The Hague, the VNAB developed the user-friendly, fast and secure platform with a modern design. The platform can be connected to individual back offices via web services.
Global UBO information
The platform supports the automated search and checks organisations and their Ultimate Beneficial Owners (UBOs) against the sanction lists. Precondition for its use is a contract between the user’s organisation and Dun & Bradstreet (D&B).
The VNAB signed a master agreement with D&B, which not only allows members to identify UBOs but also offers them the possibility to extend and update their own customer data base and check the creditworthiness of new and existing customers. The master agreement is designed as a so-called cafeteria model. Its advantage being that members profit from a substantial VNAB-wide purchase discount, and also have the option to conclude a tailor-made contract with D&B.
Is your organisation interested in the use of the VNAB Sanctionpl@tform? Please contact Theo van Endhoven for more information.