De Nederlandsche Bank (DNB) imposed an administrative fine of EUR 530,450 on trust office Amicorp Netherlands B.V. for customer due diligence that did not meet the legal requirements under the Act on the Supervision of Trust Offices 2018. DNB found, after examining six customer files, that the due diligence in all six did not meet the requirements of the Act, while Amicorp nevertheless provided trust services to those parties. The non-compliance is subject to a basic fine amount of EUR 2,500,000; DNB increased the fine because it considered Amicorp particularly culpable given that similar shortcomings had previously been identified by DNB and Amicorp’s auditor, and then reduced the amount in light of Amicorp’s size and measures taken to prevent recurrence. Interested parties may lodge an objection within six weeks of the decision date, with subsequent appeal options including court proceedings and further appeal to the Trade and Industry Appeals Tribunal.
De Nederlandsche Bank 2025-04-02
De Nederlandsche Bank imposes EUR 530,450 fine on Amicorp Netherlands for inadequate customer due diligence under trust office rules
De Nederlandsche Bank (DNB) fined Amicorp Netherlands B.V. EUR 530,450 for inadequate customer due diligence under the Act on the Supervision of Trust Offices 2018. The fine was adjusted from a basic amount of EUR 2,500,000 due to Amicorp's previous non-compliance and subsequent corrective measures.