Fine for trust office Intertrust Netherlands for insufficient customer due diligence

Enforcement measures
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De Nederlandsche Bank (DNB) imposed an administrative fine of €2,500,000 on trust office Intertrust (Netherlands) B.V. (Intertrust) on January 10th 2024. The fine was imposed because the customer due diligence carried out by Intertrust did not meet the legal requirements.

Published: 18 January 2024

DNB Toorop aan het water

© DNB

Non-compliance

Trust offices may not enter into a business relationship or provide a trust service until customer due diligence has been carried out that meets the legal requirements as set out in the Act on the Supervision of Trust Offices 2018 (Wet toezicht trustkantoren 2018 – Wtt 2018).

Upon examination of ten customer files, DNB found that in all ten examined customer files the customer due diligence carried out by Intertrust did not meet the requirements of the Wtt 2018. However, Intertrust did provide trust services to the parties in the customer files examined. This is in non-compliance with the law. DNB has imposed a fine on Intertrust for this non-compliance, which is subject to a basic fine amount of €2,500,000.

Gatekeepers

The Wtt 2018 aims to promote the integrity of the financial system through regulation of the trust sector. Trust offices act as gatekeepers of the system. By conducting ongoing customer due diligence, including prior to entering into a business relationship, trust offices play an important role in countering terrorist financing and criminal money laundering. Intertrust failed to fulfil its obligation to conduct proper customer due diligence, thus compromising the objectives of the Wtt 2018.

Objection

No objection was filed against the fine. The fine has therefore become irrevocable.

Further information

The full text of the Decision can be found here. For more information, please contact DNB's Information Desk on 0800 020 1068 (freephone in the Netherlands) or +31 20 524 9111 (if you call us from abroad).

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Decision given

10 January 2024

  

 

 

 

 

 

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