Regulatory Alerts2023-03-31
Circular No. 2010-02 — Rules of Sound and Prudent Management for Trust Companies
The Central Bank of San Marino issues Circular No. 2010-02 to update prudential regulations for trust companies, consolidating previous directives and aligning them with the LISF framework and anti-money laundering standards. The document mandates the simplified reclassification of trust mandates into four specific categories and imposes strict prohibitions on fictitious intermediation, the mixing of trust and payment or credit activities, and the execution of 'franco valuta' operations. It further establishes rigorous requirements for risk coverage, separate account management, and the rejection of mandates involving non-cooperative jurisdictions to safeguard the integrity of the San Marino financial system.
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