Fine for trust office Erez Corporate Service B.V. for failing to commission an audit

Non-compliance  

Under the Act on the Supervision of Trust Offices (Wet toezicht trustkantoren 2018 - Wtt 2018) and the Decree on the Supervision of Trust Offices 2018 (Besluit toezicht trustkantoren 2018 – Btt 2018), trust offices (including Erez) are required to be audited at least once a year. It is important for trust offices to conduct an annual audit as an additional safeguard of their sound and ethical operational management. The audit verifies the trust office's compliance with laws and regulations, and it checks the performance of the trust office’s compliance function.  

DNB has established that Erez did not commission an audit for 2019. Erez has therefore failed to comply with the requirement to commission an audit at least once a year. Erez was thus in non-compliance with the Wtt 2018 and the Btt 2018. For this violation, a fine of €95,000 has been imposed on Erez. 

Legal remedies 

A decision becomes final (irrevocable) if no legal remedies are exercised against it. Any interested party may lodge an objection against the decision within six weeks of its date. The decision on the objection can be appealed in court within six weeks. Further appeal against the court ruling may be lodged with the Trade and Industry Appeals Tribunal (College van Beroep voor het bedrijfsleven – CBb). Erez has withdrawn her further appeal. As a result, the fine is final. The judiciary determines whether a ruling is published, either in anonymized form or otherwise. Published rulings can be found at www.rechtspraak.nl. 

Current status 
The table shows the current status of this decision. 

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