Act on the supervision of trust offices 2018 into force

09-23-2023

As per the first day of 2019 the new Act on the supervision of trust offices 2018 has come into force. The new act is aimed to further align the legislation on the supervision of trust offices with the Financial Supervision Act and the Anti-Money Laundering and Anti-Terrorist Financing Act.

Part of the changes to the trust sector which are to be achieved through the new act will be a strengthening the integrity and sound operations of trust offices in the Netherlands. In order to achieve this a number of new restrictions is introduced. It will for example be prohibited to combine trust services with tax advise under the new act. In addition, the UBO definition is aligned with the latest EU anti money laundering directive.