Regulatory Alerts2020-11-23
GIFCS Standard on the Regulation of Trust and Corporate Service Providers
The Group of International Finance Centre Supervisors issued this standard to establish a comprehensive regulatory framework for the oversight of Trust and Corporate Service Providers. It mandates that jurisdictions implement robust licensing, corporate governance, and fit-and-proper requirements for controllers and key personnel. The document further requires strict adherence to financial crime prevention, prudential soundness, and international cooperation mechanisms to ensure transparency and mitigate systemic risks.
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