Fine for trust office Lewben Netherlands B.V. for failing to commission audits

Enforcement measures
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De Nederlandsche Bank (DNB) imposed a fine of €10,000 on trust office Lewben Netherlands B.V. (Lewben) on 19 January 2023. The fine was imposed for Lewben's failure to commission audits during the period from 1 January 2019 to 7 September 2021.

Published: 21 June 2023

Glazenwassers bij kantoorpand hoog in de lucht

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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 Lewben) are required to be audited at least once a year. It is important for a trust office to conduct an annual audit as an additional safeguard of its 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 found that Lewben did not commission any audits during the period from 1 January 2019 to 7 September 2021. Lewben was thus in non-compliance with the Wtt 2018 and the Btt 2018. DNB has imposed a fine of €10,000 on Lewben for this non-compliance.

No objection against the decision to impose a fine was lodged within six weeks, which means the decision is irrevocable.

Read the full decision here, excluding confidential information. For more information, please contact DNB's Information Desk on 0800 020 1068 (freephone in the Netherlands) or +31 20 524 91 11 if you call from abroad.

Boetebesluit Lewben Netherlands B.V

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