De Nederlandsche Bank (DNB) published an instruction issued to IQ EQ Netherlands N.V. following a 2023 investigation that found the trust office had not carried out sufficiently in-depth customer due diligence, as required under the Act on the Supervision of Trust Offices (Wtt 2018). DNB reviewed six customer files and identified shortcomings in all of them, including in establishing customers’ integrity risk profiles, determining the origin of the object company’s assets, and assessing the asset position of the ultimate beneficial owner. DNB noted that IQ EQ serves customers operating in sectors or countries with higher risks of money laundering, terrorist financing, corruption and tax evasion. The instruction requires IQ EQ to bring all customer files into compliance with the relevant Wtt 2018 provisions by 31 July 2025, and DNB reported that IQ EQ adopted a final improvement plan in May 2024 and has been reporting on its implementation. IQ EQ objected to the instruction, but DNB declared the objection unfounded and IQ EQ did not appeal.
De Nederlandsche Bank 2025-05-20
De Nederlandsche Bank instructs IQ EQ Netherlands to fix customer due diligence shortcomings by 31 July 2025
De Nederlandsche Bank (DNB) issued an instruction to IQ EQ Netherlands N.V. after a 2023 investigation revealed inadequate customer due diligence under the Act on the Supervision of Trust Offices (Wtt 2018). DNB found deficiencies in all six reviewed customer files, particularly in integrity risk profiling and asset origin assessment. Despite IQ EQ's objection, DNB upheld the instruction, and IQ EQ has since adopted an improvement plan.