Instruction issued to trust office Pan-Invest B.V. in 2021 for shortcomings identified in its SIRA and customer due diligence

Enforcement measures

On 11 February 2021, the Nederlandsche Bank (DNB) issued an instruction to trust office Pan-Invest B.V. (Pan-Invest) for shortcomings found in its systematic integrity risk analysis (SIRA) and customer due diligence. As this decision has become irrevocable, it is now being disclosed.

Published: 20 November 2025

Summary of the instruction

As gatekeepers of the Dutch financial system, trust offices have an important role to play in combating financial crime. This is why it is essential for Pan-Invest to conduct proper customer due diligence, so that it can gain a clear overview of its customer portfolio. Pan-Invest is also required to have a good understanding of the potential risks related to its customers and the services it offers, and to mitigate those risks.
DNB's examination revealed that the customer due diligence conducted by Pan-Invest had several shortcomings, including deficiencies relating to the establishment of business relationships before full customer due diligence had been carried out, the preparation of transaction profiles, and the identification of the structure of the group to which the object company belongs. In addition, DNB's examination found that Pan-Invest's SIRA had several shortcomings, resulting in insufficient identification of certain integrity risks and Pan-Invest's failure to provide sufficient insight into how the risks it identified were mitigated.
DNB issued an instruction in view of these shortcomings.

Gatekeeper role

Action against money laundering and terrorist financing is fundamental to the effective countering of serious crime. Trust offices have an important gatekeeper function in this regard. There is a risk that trust services could be misused for money laundering, terrorist financing or other socially improper behaviour. Based on the Act on the Supervision of Trust Offices (Wet toezicht trustkantoren – Wtt 2018), they are required to design their operational management so that they can effectively identify and manage integrity risks. To perform this task effectively, trust offices should make every effort to detect potential abuse both prior to and during their service provision. They must possess detailed knowledge of their customers, the object companies to be served and the rationale for their services. In their SIRA, trust offices must identify all relevant risks related to their customers and services and provide insight into how they mitigate these identified risks.

Instruction

DNB's enforcement approach is primarily aimed at promoting compliance with the law. An instruction is an enforcement measure in which we order an institution to perform one or more prescribed actions aimed at terminating or redressing its non-compliance. In issuing the instruction to Pan-Invest, DNB took into account that a formal measure was appropriate for the severity, number and duration of the instances of non-compliance found.

Procedure

Pan-Invest lodged an objection to the instruction. On 11 June 2021, DNB extended the deadlines to comply with parts of the prescribed course of action in an amendment decision. On 2 September 2021, DNB declared the objection unfounded. Pan-Invest then appealed the decision on objection to the district court. DNB, before the district court ruled, decided to uphold Pan-Invest’s objection on one point, issuing a second amendment decision on 22 December 2022. On 12 July 2023, the Rotterdam district court ruled that Pan-Invest's appeal was unfounded. The Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven – CBb), in its ruling of 10 June 2025, rejected the further appeal lodged by Pan-Invest, upholding the Rotterdam district court’s ruling. Accordingly, DNB's decisions referred to above have been upheld and have now become irrevocable.

See below for the full instruction, the first amendment decision, the decision on the objection and the second amendment decision, excluding confidential information. Information on court and CBb rulings can be found at htpps://www.rechtspraak.nl/English. For additional information, you can contact our Information Desk by telephone at 0800 020 1068 (freephone in the Netherlands) or +31 20 524 9111 (if calling from abroad).