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.
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.
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.
No objection was filed against the fine. The fine has therefore become irrevocable.
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).
|
Sanction |
Objection |
Appeal |
Further appeal |
|||
|---|---|---|---|---|---|---|
|
Imposed |
Lodged |
Decision on objection |
Lodged |
Decision given |
Lodged |
Decision given |
|
10 January 2024 |
|
|
|
|
|
|
Besluit tot het opleggen van een bestuurlijke boete aan Intertrust (Dutch only)
De Nederlandsche Bank (DNB) issued an instruction on 29 September 2022 to trust office CIS Management B.V. (CIS) for serious deficiencies in its systematic integrity risk analysis (SIRA). DNB confirmed to CIS on 18 December 2023 that it had sufficiently complied with the instruction.
Read more Instruction issued to trust office CIS Management B.V. for serious shortcomings in its SIRA
On Tuesday 28th May from 3:00-4:45 PM CET DNB will organize an online information session about fit and proper assessments.
Read more Information session about fit and proper assessments DNB
In view of our continued support for a deeper and more integrated European Capital Markets Union (CMU), De Nederlandsche Bank (DNB) and the Dutch Authority for the Financial Markets (AFM) present next steps to shape the right policies and create a competitive European capital market.
Read more DNB and AFM: recommendations for a strong European Capital Markets Union
De Nederlandsche Bank (DNB) imposed an administrative fine of €10,000 on trust office Athos Business Services (Netherlands) B.V. (Athos) on. The fine was imposed because Athos provided trust services without carrying out sufficient customer due diligence.
Read more Fine for trust office Athos Business Services (Netherlands) B.V. for insufficient customer due diligence
