AFM and DNB Open Consultation on Caribbean Netherlands Financial Rules
The Netherlands Authority for the Financial Markets (AFM) and De Nederlandsche Bank (DNB) launched a public consultation on 26 June 2026 covering proposed changes to the policy rule and regulation that govern financial firms operating in Caribbean Netherlands (the BES islands: Bonaire, Sint Eustatius, and Saba). Firms with a presence in the BES islands, and advisers serving them, have until 28 August 2026 to respond. The changes affect how the rules under the Financial Markets Act BES (Wfm BES) and the Anti-Money Laundering and Counter-Terrorist Financing Act BES (Wwft BES) are applied in practice.
Why the Rules Are Being Updated
Both documents, the policy rule explaining how AFM and DNB apply the Wfm BES and Wwft BES, and the regulation setting out detailed operational requirements, have not been revised in a coordinated way for several years. During that period, several underlying instruments changed.
Key drivers of the revision
- Amendments to the Financial Markets Decree BES (Besluit financiële markten BES).
- Updated guidelines issued by the Central Bank of Curaçao and Sint Maarten (CBCS).
- Practical examples published in 2023 that have since shifted supervisory expectations.
As a result, certain provisions no longer aligned well with current legislation or day-to-day practice. The stated aim is to make supervisory expectations clearer and more workable for firms operating in the territory.
What the Consultation Covers
Two draft documents are open for comment:
Draft amendment to the AFM and DNB policy rule
This document sets out how the two supervisors interpret and enforce the Wfm BES and Wwft BES. The proposed revisions bring the interpretation guidance into line with the current legal framework and recent practical experience.
Draft amendment to the AFM and DNB regulation
This document contains the detailed prescriptions that flesh out obligations under both acts, covering areas such as business operations structure and risk management. It is the more operationally detailed of the two.
Firms operating in Caribbean Netherlands will want to read both drafts together. The policy rule tells you how supervisors think; the regulation tells you what you must actually do. Both drafts include explanatory notes. For firms with clients active in the BES islands, understanding the interaction between AFM sanction controls guidance for accountants and the updated BES framework is a sensible starting point.
Timeline and Next Steps
The consultation runs from 26 June to 28 August 2026. Responses go to bes@afm.nl. After the window closes, AFM and DNB will publish all submissions and issue a feedback statement explaining how comments influenced the final text. The definitive policy rule and regulation will then be published in the Staatscourant (the Dutch Official Gazette) and on both supervisors' websites. AFM and DNB expect final publication in the second half of 2026, at which point the revised rules enter into force.
Compliance teams advising BES-island clients should also note the broader AML context. The AFM PEP client due diligence requirements published earlier this year signal the direction supervisors are taking on customer risk profiling, and the BES update is likely to reflect similar thinking.
Practical Implications for Firms
For accounting firms, auditors, and CFOs with Caribbean Netherlands exposure, the revision represents a chance to influence the final text before it becomes binding. Firms should:
- Review both draft documents and their explanatory notes against current internal procedures.
- Identify any gaps where existing controls may not satisfy the proposed clearer wording.
- Consider submitting a response if the proposed changes create disproportionate or unclear obligations.
- Plan for implementation well before the expected second-half-2026 effective date.
Source: AFM Netherlands
FAQ
AFM and DNB are seeking comment on proposed changes to two supervisory documents that govern financial firms in the BES islands: the policy rule explaining how the Wfm BES and Wwft BES are applied, and the detailed regulation setting out operational requirements. The update brings both into line with legislative changes and current supervisory practice.
Financial firms licensed or otherwise regulated under the Wfm BES and/or Wwft BES, meaning firms physically operating in Bonaire, Sint Eustatius, or Saba, as well as advisers and compliance professionals who serve them.
Responses must be submitted by 28 August 2026 to bes@afm.nl. The consultation opened on 26 June 2026.
AFM and DNB expect to publish the final policy rule and regulation in the second half of 2026, following a feedback statement that summarises how responses were addressed. The rules take effect upon publication in the Staatscourant.
Both documents had not been revised in a coordinated way for several years. During that period, the underlying Financial Markets Decree BES was amended, CBCS guidelines changed, and practical examples were published in 2023, creating misalignments between the written rules and current expectations.