On March 2, 2023, De Nederlandsche Bank (DNB) imposed an administrative fine of €3,125,000 on TMF Netherlands B.V. (TMF), a trust office. The fine was issued due to TMF’s failure to comply with the legal requirements for customer due diligence.
After assessing eight customer files, DNB determined that TMF’s customer due diligence did not meet the requirements specified in the Act on the Supervision of Trust Offices 2018 for seven of those files. As a result, doubts have been raised regarding the accuracy or completeness of the conducted customer due diligence, despite TMF having provided trust services to the entities involved in the examined customer files.