The Dutch Authority for the Financial Markets (AFM) published an update highlighting continued supervisory attention, alongside the Bureau Financial Supervision (BFT), on audit firms’ services to clients connected to Russia in light of expanding international sanctions since the start of the war in Ukraine. The supervisors expect audit firms to remain critically focused on sanctions compliance when accepting and continuing clients and engagements, to avoid involvement in legal breaches or clients that could undermine trust in financial markets. The AFM’s involvement is framed through its remit over audit firms’ integrity of operations under the Audit Firms Supervision Act (Wta), while the BFT acts as a supervisor under the Money Laundering and Terrorist Financing (Prevention) Act (Wwft); both will remain alert to relevant signals and follow up where necessary within their respective mandates.
Dutch Authority for the Financial Markets 2025-12-12
Dutch Authority for the Financial Markets and Bureau Financial Supervision reinforce supervisory focus on audit firms’ services to Russia-linked clients
The Dutch Authority for the Financial Markets (AFM) and the Bureau Financial Supervision (BFT) emphasize ongoing supervisory focus on audit firms' compliance with sanctions related to Russia. The AFM oversees audit firms under the Audit Firms Supervision Act, while the BFT supervises under the Money Laundering and Terrorist Financing (Prevention) Act. Both authorities will monitor and address any compliance issues within their mandates.