The Rotterdam District Court has largely upheld a fine of €95,000 imposed on a trust services provider by the Dutch National Bank.
The DNB’s investigation started in 2019, and the fine was originally imposed on 2022.
The fine related to compliance failings including both money laundering and sanctions failures. The firm’s policies and procedures were insufficient and there was a lack of proper identification of the UBO and of ongoing diligence.
On appeal the fine was reduced to €90,250 due to an argument that the investigation process had been unduly lengthy,