Regulatory Alerts2017-02-28
Guidelines on Expected Practice for Trust Service Providers
The Isle of Man Financial Services Authority issues these guidelines to define expected practices for licensees providing trust and trust administration services. The document mandates robust client onboarding, comprehensive record-keeping, and independent trustee decision-making to ensure compliance with trust law and anti-money laundering regulations. It further requires licensees to maintain effective conflict of interest policies and registers while ensuring the secure management and proper accounting of trust property.
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