Supervision of Trust Offices
Supervision of trust offices
De Nederlandsche Bank (DNB) is entrusted on the grounds of the BES Financial Markets Act (Wet financiële markten BES/ Wfm BES) with the integrity supervision and licensing of trust offices on Bonaire, St Eustatius and Saba, jointly Caribbean Netherlands (CN), also known as BES. With the implementation of the Wfm BES, the legislator aims to promote the integrity of the financial system by regulating the trust sector. The Wfm BES thus makes a contribution towards the efforts to prevent the laundering of criminal funds and terrorism financing via trust offices established in Caribbean Netherlands.
Operational supervisory practice – the area where DNB and the supervised trust office come into contact – consists of several types of activities:
- admitting a trust office to the market (e.g. through the granting of a licence);
- collecting information at the supervised trust office and assessing said information based on the supervisory requirements;
- providing guidance and carrying out interventions at the supervised trust office that fails to comply with supervisory requirements.
Cooperation with other supervisory institutions
DNB works closely in its supervisory practice with other domestic and foreign supervisors.
In the context of the Wfm BES and Wwft BES, the cooperation with the Authority for the Financial Markets (AFM) and the Central Bank of Curaçao and St Maarten (CBCS) is particularly significant. This cooperation comprises, amongst other things:
- coordinating lower regulations and policy in respect of issues that are relevant to both the prudential and integrity supervision; and
- exchanging information and coordinating concrete supervisory activities.
Finding your way
If you are a trust office operating or seeking to operate in the Caribbean Netherlands, you can find all relevant information here. If you are unable to find any specific information, please let us know by sending an e-mail or calling +3120 524 9111.
All laws relevant to trust offices operating in the Caribbean Netherlands can be found on the right, under downloads.
Under market access you will find information about which activities require a licence, which procedure must be followed in the Caribbean Netherlands and which requirements must be satisfied.
The section under integrity supervision clearly outlines the requirements that a trust office must satisfy. These include:
- ensuring operational soundness;
- preventing involvement in money laundering and terrorist financing on the grounds of the BES Money Laundering and Terrorist Financing (Prevention) Act (Wet ter voorkoming van witwassen en de financiering van terrorisme BES/ Wwft BES); and
- compliance with national and international sanctions regulations on the grounds of the Sanctions Act 1977 (Sanctiewet 1977).
Management board members, supervisory board members and (co-)policymakers of supervised institutions in the Caribbean Netherlands (‘BES Islands’) are assessed for integrity. Day-to-day policymakers are also assessed for suitability. You can read more about this under Assessments.
Under registers you will find an overview of financial undertakings that are required to hold a licence in order to offer financial products in the Caribbean Netherlands.