Regulatory Alerts2008-12-19
Added
Findings From Thematic Inspection of Licensed Trust Companies
The Monetary Authority of Singapore issued this circular following a thematic inspection of licensed trust companies to assess their anti-money laundering and countering the financing of terrorism compliance. The regulator requires firms to formalize their AML/CFT policies, enhance customer due diligence procedures, and maintain robust audit trails for trust relevant parties. Additionally, licensed trust companies must ensure they appoint at least two resident managers and submit annual accounts within the prescribed regulatory timelines.