Luxembourg’s financial regulator the CSSF announced last Friday afternoon that it had fined trust and corporate services provider Intertrust (Luxembourg) S.à r.l. nearly 200,000 euros at the end of last November for several failings. This included meeting professional obligations for IT risks as well as internal governance, the professional secrecy obligation and for required communication to the regulator.
The regulator remarked that the company’s contraventions had come to light during an on-site inspection by its team. The CSSF has classified the firm as a specialised professional of the financial sector (PSF).
Intertrust Group released a statement Monday in response to the CSSF’s announcement, stating their support for keeping bad actors out of the the international financial system and readiness to work with regulators.
“During a routine regulatory inspection by the Commission de Surveillance du Secteur Financier (CSSF) at Intertrust Luxembourg S.à r.l., certain IT shortcomings were identified in the entity’s internal IT framework that was in place,” said the Intertrust Group spokesperson. “In response, Intertrust identified the root cause of the shortcomings, developed the remediation action plans, recruited additional experts, and hired senior and experienced leaders to implement and manage the remediation efforts—which included a new set of policies, procedures, controls, and training, as well as an enhanced IT governance framework.”
Acquired by CSC Global
Intertrust Luxembourg is a subsidiary of Intertrust Group, a global asset services firm with close to 500 billion euro in assets under administration. In November last year, it was acquired by Delaware, US-based CSC Global, which employs some 7500 people worldwide.
For Luxembourg, Intertrust has reported a profit in 2021 of 65,390 euros on revenue of just under 600,000 euro and over two million in assets, mostly in “acquisition-related intangible assets”, according to a filing on the Luxembourg Business Register.
Under Luxembourg law, CSSF is required to make public the fines it imposes on financial firms.
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