Regulatory Alerts2024-04-12
Regulation No. 52/2022 Governing Trust and Company Service Providers
The National Bank of Rwanda issued Regulation No. 52/2022 to establish licensing requirements and supervisory frameworks for Trust and Company Service Providers. The regulation mandates that applicants satisfy fit-and-proper criteria, maintain adequate compliance systems and professional indemnity insurance, and submit detailed business plans alongside a non-refundable application fee. It further outlines corporate governance standards, continuous reporting obligations, and the Competent Authority's powers to grant, suspend, or revoke licenses based on ongoing compliance.
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