Supervision of Trust Offices Act 2018

The bill regarding the Supervision of Trust Offices Act 2018 has been sent to Parliament on 16 March 2018. See Nader Rapport Wtt 2018 (the documents are only available in Dutch). Important changes are:

    • Introduction of the requirement to have two policy makers (directors) as a minimum (Article 11 of the bill)
    • Legal personality of trust offices is restricted to a NV, BV or European Society (SE) (Article 13 of the bill);
    • A prohibition to outsource the compliance function (Article 16(2) of the bill);
    • A prohibition for a trust office to provide trust services and tax advice to a client (Article 17 of the bill);
    • CDD requirements per trust service. For each aspect of the CDD a specific standard is set by law. This results in more stringent requirements for trust offices with respect to their CDD process.
    • Additional powers for DNB (new maxima regarding fines, introduction ‘berufsverbot’, extension of the power to issue public warnings, publication of formal measures)
    • An obligation for trust offices to share information with respect to integrity risks of a client changing servicer (Article 68 of the bill);
    • The definition of ‘UBO’ is aligned with the Anti-Money Laundering and Counter Terrorist Financing Act.