Regulatory Alerts2024-05-20
Private Trust Company Guidelines
The Financial Services Authority of Seychelles has issued these guidelines to establish the authorization framework and operational requirements for Private Trust Companies (PTCs). PTCs must secure FSA approval to provide exclusively connected trust services, maintain a licensed registered agent, restrict operations to family trusts, and pay an annual US$1,000 compliance fee. The guidelines mandate strict record-keeping, mandatory annual audits by qualified auditors, segregation of client funds, and timely notification of ownership or directorship changes to ensure ongoing regulatory compliance.
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