Firstly DNB can gather information from trust offices among others, for the purposes of operational supervision. The Wtt also grants DNB the power to require trust offices to provide reports and to carry out on-site investigations at trust offices.
If a licenced trust office fails to comply with any requirements, DNB can issue a direction to adopt a certain course of conduct with regard to named matters. If the trustworthiness of a managing director, supervisory board member or any person who determines or co-determines the policy of a trust office is no longer beyond doubt, DNB may issue a direction that such person should no longer be involved in determining or co-determining the policy of the trust office.
Besides issuing a direction, DNB also has power to impose an administrative fine or a cease and desist order for specific breaches. Certain breaches of the Wtt can also be disclosed by DNB. Finally, in certain circumstances DNB can withdraw a trust office’s licence.
DNB can also report breaches to the Public Prosecutions Department (Openbaar Ministerie), as a failure to comply with these prohibitory provisions is also a criminal offence under the Economic Offences Act (Wet op de economische delicten).
In certain circumstances the Wtt provides the opportunity to pass information or details to Dutch or foreign authorities. This relates to information about a trust office and in principle does not cover information on a trust office’s clients.
The Dutch Central Bank can, where appropriate, anonymously approach and query parties who offer financial services and are suspected of providing these services illegally.