Each Trust Office – before entering into a service agreement with a new client – has to have gathered information on the basis of which said client shall be accepted (or rejected). The legal basis for this is the “Wet Toezicht Trustkantoren” (WTT) and the “Wet ter Voorkoming van Witwassen en Financiering van Terrorisme” (WWFT). This information has to be held by the Trust Office for inspection in the so-called Client Acceptance Dossier. The “Nederlandsche Bank”
(National Bank of the Netherlands) has access to this Dossier but may only use the content thereof for its own supervisory task. The Dossier contains the following items:
- the signed service agreement;
- an organization chart giving an insight into the position of the Company within the ownership structure;
- identification of the ultimate beneficiary owner (UBO). This is the actual individual who directly or indirectly has an interest of > 10% in the Company to which TCS Trust is supplying its services;
- description of the role of the Company and the reason for its existence;
- copies of the identification papers of all relevant parties. This will include at least the UBO’s and the decision-makers. Legalization could be necessary where TCS Trust employees have not themselves established such identification.;
- information on the origin of the capital invested in the Company;
- a profile of the Company’s expected transaction activity and a description of the expected revenue flows;
- a report of the enquiry carried out by TCS Trust into the reliability of the client and of related legal and natural persons.
This information has to show clearly that the Trust Office has been able to conclude that there can be no objection to client acceptance.
The information in this dossier must be up to date at all times.
This dossier is the property of TCS Trust and must be kept for at least five years after termination of the working relationship.