Sanctions Act
Anker Insurance Company must comply with the Sanctions Act. Therefore, if there are financial sanctions imposed, we are not allowed to conduct business with parties that appear on one of the (international) sanctions lists.
Sanctions Act
In the Netherlands, the implementation of (international) sanctions is regulated under the Sanctions Act. The purpose of this Sanctions Act is to prevent undesirable trade, money laundering and terrorism, for example. To maintain international peace and public safety. The law prohibits conducting business with persons and organisations that are on sanction lists or come from countries that are subject to sanctions.
With this law, the Netherlands executes international sanctions imposed by organisations including the United Nations, the European Union and the Netherlands.
What are sanctions?
Sanctions are measures consisting of:
- restrictions on financial transactions (credit, payments, etc.);
- prohibition of trading in general;
- prohibition of trade in specific goods;
- travel and visa-restrictions.
Which measures do we take?
When you request an insurance policy we check whether you, a policyholder or the ultimate beneficial owner (UBO) are listed on any sanctions list. If so, we must reject your application.
In case you have an existing insurance policy we will check regularly whether policyholders, insured persons or beneficiaries are listed on one of the sanctions lists. Is this the case? We must terminate the insurance and report this to De Nederlandsche Bank.
These checks are also carried out in the event of claims payments. If a payment is made in favour of or to a sanctioned party, we are not allowed to make any payment.
How does this affect you?
If you operate a business, we ask you to indicate who in your organisation is the ‘ultimate beneficial owner’ (UBO). This is the person who is/are the ultimate owner(s) and/or beneficiary(ies) of the organisation. Please use the UBO form, which you will receive from us as part of the application process. In this form, the definition of “UBO” is explained in more detail.