the financial system. you don't want that. and we don't want that. so that is why an important part of our supervision focuses on the way you work with third parties. on the way you monitor and mitigate the risks that come with working with third parties – be it a cloud service 4 / 5 bis - central bankers'speeches provider or an it vendor. but our supervision also focuses on the way you manage financial exposures. and certainly on how you select banks to deposit your customers'funds. when i looked at my bank statements, i was amazed by how much i rely on you, payment institutions. and along with me, many others in the netherlands do so too. the thriving payments industry in our country is reflected in the enthusiastic use of your services by tons of dutch businesses and organisations. you can be proud of that – of being at the forefront of our digital society. but with that success comes great responsibility. people rely on your services. businesses depend on you. but many risks – and i only touched on integrity risks, cyber risks and credit risks – but many risks loom around the corner. in order for people and businesses to continue to rely on you, those risks need to be dealt with. they need to be mapped and measured, monitored and mitigated. and they definitely need to be a topic of conversation. that is why i am grateful to see so many of you here today. so that we can share stories and worries. questions and concerns. expectations met - and expectations unmet. in short, the better we understand each other, the better we can keep our financial system as clean and secure as possible. i wish you all a frank and fruitful afternoon. thank you. 5 / 5 bis - central bankers'speeches

steven maijoor : paying attention – on the supervision of payment institutions speech by mr steven maijoor, executive director of supervision of the netherlands bank, at the netherlands bank seminar " supervision of payment institutions ", amsterdam, 14 april 2023. * * * hello everyone. out of curiosity and because i knew i would be talking to you today, i checked my banking app to see how many times i recently used one of your services. and even though i work for de nederlandsche bank, even though i am a supervisor and i know your sector well, i was still amazed at how often i saw one of your names appear. i saw one of you when i bought some sailing gear. i saw one of you when i ordered tickets for the st. matthew passion. and i saw one of you when i donated to a charity. there are already 81 licenced payment institutions in the netherlands. and all 81 of you help businesses thrive. all 81 of you help people, like me. online, when we scroll, select and then securely pay. or offline, when we pay at one of your pin terminals or with a qr code. or when we check our bank account, after everything is paid for, to get an insight into our spending patterns. all this means you have become a cornerstone of our financial system. and all this means you have become part of the financial supervision of de nederlandsche bank. formally, our supervision of your industry is rooted in the payment services directive from 2009, psd1, and the update, psd2, from 2019. it is also rooted in the anti - money laundering and anti - terrorist financing act from 2008. theoretically, one could say that supervising the trustworthiness of our financial system is about finding the right balance between entrepreneurial opportunities and stability risks. practically, supervision has to do with mapping, measuring and monitoring the risks to which you, and with you the entire financial system, are exposed. let me illustrate this – with a credit risk example, and a cyber risk example, but first with an example related to integrity risk. 1 / 5 bis - central bankers'speeches an estimated 16 billion euros a year – that is how much criminal money is earned in the netherlands. half of this amount finds its way abroad. and from abroad, another 5 billion will find its way back to the netherlands. often that dirty money is looking for a way to get clean. and when it does, it's not