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.
Efforts to reach Intertrust by email and telephone for comment were repeatedly unsuccessful. Two people answering the telephone hung up.
Fine dwarfed firm’s profit
Intertrust declined to comment on the fine. It 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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