Privacy Statement
Gengro
We are committed to protecting your privacy and any personal information that is shared with us. As part of this effort, we process personal information in accordance with the EU’s General Data Protection Regulation (“GDPR”) and other data protection regulations applicable to us. Accordingly, we have developed this Privacy Statement in order for you to understand how we collect, use, communicate, disclose and otherwise make use of personal information.
Contact details
Gengro B.V. (“Gengro”, “we”, “us” of “our”) is responsible for the processing of your personal data, a Dutch limited liability company having its address at Keizersgracht 517 L, 1017 DN in Amsterdam. Gengro is registered with the Chamber of Commerce under number 85366935. All questions regarding the processing of personal data by Gengro can be addressed to info@gengro.com.
To whom does this Privacy Statement apply?
Gengro provides support services relating to administration, taxation, investments, business planning and organizational structures in cooperation with trust companies. This Privacy Statement applies to you when you conclude a service contract with the trust/entity or other construction we are working with or when you conclude a service contract directly with us in order to manage your financial affairs.
How does Gengro process your personal data?
We process your personal data for various purposes. We are only allowed to do this if we have a reason to do so (this is called a “legal ground”). In the overview below we indicate the personal data Gengro uses for which specific purpose, what the legal ground is for processing these data, and how long Gengro stores the data.
1. Services for individuals. If you assign Gengro to provide services for you directly, which consist of financial advisory as well as the management and administration of your holdings, accounts and affairs on an on-going basis, we process the following information:
• your name, place and date of birth, country of birth, domicile, residence, tax residence, nationality and citizenship. We might process further identification details based on your specific mandate;
• contact information such as residential, business and email addresses, fax and telephone numbers;
• information relating to your tax affairs, including tax identification number(s) (where applicable);
• information relating to your financial situation such as assets, sources of wealth, net worth and financial details (including, but not being limited to, bank account details);
• information about your knowledge and experience of investments;
• employment details or history and other such information.
The processing of above-mentioned personal data is necessary for the performance of the contract between Gengro and you. We need these personal data to:
• facilitate the opening of accounts on your behalf, manage and administer your holdings, accounts and affairs on an on-going basis, and to answer to your questions and provide feedback;
• monitor communications for processing and verification of instructions;
• update and maintain records;
• sending formal reminders about outstanding payments or correcting errors or delays in the performance of the contract;
• liaising with third parties on your behalf;
which is otherwise not possible.
We store your personal data as long as we provide our services to you and, as a general rule, will delete your data two (2) years after you terminate your contract with us. Gengro has a legal tax obligation to retain certain (financial) records for a period of seven (7) years. We therefore retain documents covered by tax law for a longer period. We further retain the agreement with you and the details of such agreement (e.g. letter of intent, memorandum,) as well as accounting and financial records for a period of seven (7) years.
2. Services for trust companies/entities or other structures. We also provide services to trust companies, in the cases that you wish to establish or make an investment through an entity or a trust, or other such structure.
We will process the information as mentioned above under “services for individuals” with respect to the trustees, settlors, protectors and beneficiaries (as applicable). If you wish to establish or invest through a company, partnership or other such structure, we will also collect information as mentioned above under “services for individuals” with respect to the beneficial owners, directors, officers and employees (as applicable).
We need to receive and further process the above-mentioned personal data in order to manage and administer the investments, accounts and affairs of the clients. The processing of the personal data is therefore necessary for the purposes of the legitimate interest pursued by Gengro. We use the same retention periods as mentioned above under “services for individuals”.
3. Contact. If you contact us, we will process personal data that you fill in or provide to us, such as your name, email address and the content of your communication. If this communication is necessary to provide our services to you, we will monitor, record and store any such communication for as long as we provide the services to you and will delete your data within two (2) years, or, where it concerns information relating to the contract of financial information, seven (7) years (as further explained under “services for individuals” above). The processing of this personal data is necessary for the performance of the contract with you. Without these personal data, we cannot tailor our financial services to your needs and situation.
4. Legal (anti-money laundering) obligations. If we are obliged to carry out anti-money laundering checks or checks regarding terrorist financing, bribery, corruption, tax evasion, and in order to prevent the provision of financial and other services to persons who may be subject to economic or trade sanctions, we process personal data of you. We process this information in order to comply with legal obligations incumbent on Gengro. We further process personal data if supervisory authorities and inspection services oblige us to do so, such as the Tax and Customs Administration (“Belastingdienst”) or the Dutch Data Protection Authority (“Autoriteit Persoonsgegevens”). The personal data are stored as long as necessary as prescribed by the specific legal obligations.
Access to personal data
Gengro transfers your personal data to external parties (partly) acting as a (co) data controller, such as banks, lawyers and other service providers (not engaged by Gengro). This is mainly the case when we are requested by them to provide personal information they require under law or internal rules in order to engage with our clients. Because these third parties are (partly) responsible for processing your personal data themselves, they must inform you of this themselves. We will also share personal data with external parties if Gengro itself is required to do so on the basis of applicable laws and / or regulations, when Gengro needs legal advice or to manage or litigate a claim.
Data processing outside the European Economic Area
Gengro processes personal data outside the European Economic Area (“EEA”), mainly to make personal data available to banks, lawyers or other third party providers outside the EEA who require client data that we provide them with. In order to comply with EU data protection legislation for international transfers, we carefully consider whether an adequate level of protection can be guaranteed. Where necessary (in absence of an adequacy decision by the European Commission (Article 45 GDPR)), we lay down arrangements in a data transfer agreement based on standard contractual clauses adopted by the European Commission (Article 46(2)(c) GDPR).
For more information about the safeguards for international data transfers or to obtain a copy of the arrangements, please contact us using the contact details listed in this Privacy Statement.
Your rights
Under the privacy law, you have a number of rights with regard to your privacy.
i) Right to access. This is the right to ask us if we have personal data from you and to have access to it.
ii) Right to rectification. You have the right to request the rectification of inaccurate personal data concerning you.
iii) Right to be forgotten. In some cases, you have to right to ask Gengro to erase your personal data.
iv) Right to restriction. You have the right to obtain restriction of processing of your personal data or to stop the processing temporarily.
v) Data portability. This is the right to receive your personal data which you have provided to us in order to transmit those data to another controller.
vi) Right to object. You have the right to object to processing of personal data.
vii) Withdraw consent. Where the processing of your personal data is based on your consent, you have the right to withdraw your consent at any time. The withdrawal of consent does not affect the lawfulness of processing based on consent before its withdrawal.
You may send your request to info@gengro.com. Gengro shall respond to your request without undue delay and in any event within one (1) month of receipt of the request. That period may be extended by two (2) further months where necessary, taking into account the complexity and number of the requests. Gengro shall inform you of any of such extension within one (1) month of receipt of the request, together with the reasons for the delay. If we do not take action on your request, we shall inform you of the reasons for not taking action. We will do that in any case within thirty days of receipt of the request.
Complaints or questions
If you have questions or complaints you can contact us via info@gengro.com. We will be happy to find a solution, but you can also submit a complaint to the Dutch Data Protection Authority (“Autoriteit Persoonsgegevens”).
Amendments
Gengro may amend this Privacy Statement from time to time. If there are subsequent substantive or material changes that may affect one or more of the parties involved to a considerable extent, we inform those involved in advance.
Last update: October 2022