DNB releases Captive Financial Institutions (CFI)
De Nederlandsche Bank (DNB) has introduced a new annual reporting model for Captive Financial Institutions and Money Lenders. The CFI benchmark’s overlaps with the BFI benchmark and contains two entry points where one is for testing purposes only. The taxonomy includes 43 assertions (validation rules).
The CFI benchmark will apply from the financial year where the final calender month is in 2021. The first reporting deadline for DNB Captive Financial Institutions will be the 1st of June 2022. Before the deadline, DNB must receive and accept the CFI benchmark report. When the reporting obligations are failed, DNB is authorized to impose an administrative fine or penalty.
DNB uses the data from the CFI benchmark to prepare MacroEconomic Statistics as Sector Accounts, Balance of Payments and International Investment Position. De Nederlandsche Bank prepares the sectoral accounts with Statistics Netherlands (CBS) and DNB will collect the data for financial institutions. Captive Financial Institutions and Money Lenders are classified as financial institutions and reporting obligations will be introduced from the fourth quarter of 2021.