Trust Offices in the Netherlands: The Introduction of the Compliance Audit

Author: David G. Specker, CAMS-Audit

Dutch trust offices are supervised by the Central Bank. The applicable legislation and supervision is focused on anti-money laundering. Currently, there is no legal obligation for trust offices to perform an audit on the compliance with the applicable legislation. The introduction of a mandatory audit, expected January 2015, will change that.

I expect the introduction of the mandatory audit to bring challenges to the Dutch trust sector. Those challenges lie in the establishment, the independency and the quality of the audit function, the focus and timeframe of the audit and the follow-up that needs to be given to the findings. However, I expect there to be opportunities for trust offices as well: by a faster discovering and tackling of potential compliance deficiencies, by taking compliance to the next level and, for third parties, by offering audit services to trust offices.

Download PDF