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De Nederlandsche Bank (DNB) revoked the trust office licence of D-Max Corporate B.V. (D-Max) on 21 October 2022. DNB revoked the trust office licence of D-Max for two reasons. First, D-Max failed to comply with several legal obligations under the Act on the Supervision of Trust Offices 2018 (Wet toezicht trustkantoren 2018 – Wtt 2018). In addition, D-Max did not pay its supervisory fees. As a result, D-Max will not be allowed to operate as a trust office in the Netherlands as from 21 January 2023.
At least since early 2020, D-Max has failed to comply with several legal obligations under the Wtt 2018 and the Decree on the Supervision of Trust Offices 2018 (Besluit toezicht trustkantoren 2018 – Btt 2018).
First, D-Max failed to ensure sound and ethical operational management during this period. Specifically, D-Max did not have a complete, up-to-date and institution-specific systematic integrity risk assessment (SIRA) and an up-to-date procedures manual. In addition, it lacked an effectively operating audit and compliance function.
Furthermore, D-Max failed to have two directors for a period of more than a full year, it was tardy in submitting annually required reports (integrity risk forms) for three consecutive years and it failed to pay the resulting fine and forfeited penalty payments.
Finally, D-Max systematically failed to respond to information requests and an information demand from DNB as part of the supervisory authority's examination of the trust office's compliance with the Wtt 2018. This made it impossible for DNB to effectively supervise D-Max.
D-Max has also failed to meet its legal obligation to pay supervisory fees at least since early 2021. More specifically, D-Max failed to pay its supervisory fees for 2020 and 2021. D-Max also failed to honour the payment schedule offered for the 2020 supervisory fees.
As a trust office, D-Max is under a legal obligation to comply with all provisions of the Wtt 2018 and the Btt 2018. One of the objectives of the Wtt 2018 is to combat money laundering and terrorist financing through trust offices.
The failure of D-Max to comply with its legal obligations as a trust office for several years and its arrears in paying its supervisory fees were reason for DNB to revoke the trust office's licence on 21 October 2022.
For more information you can contact the Information Desk by telephone at 0800 020 1068 (freephone in the Netherlands) or+31 20 524 9111 (if you call us from abroad).
Besluit tot intrekking van de vergunning D-Max
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