Regulatory Alerts2024-01-17
Added · Updated
Guidelines on Criteria for the Grant of a Trust Business Licence
The Monetary Authority of Singapore requires applicants for a trust business licence to be incorporated or registered companies with a physical presence in Singapore, holding paid-up capital or qualifying assets of at least $250,000. Applicants must maintain adequate internal compliance systems and employ at least two resident managers who are fit and proper persons with specified tertiary qualifications and relevant working experience of three to five years. Licensed trust companies are mandated to hold standalone non-hybrid professional indemnity insurance with annual cover of at least $1 million or 2.5 times turnover, subject to a $10 million cap and deductible limits, though group or hybrid policies may be accepted under stricter conditions. Additionally, applicants without a corporate parent must procure a Letter of Responsibility from their parent company in the format specified by the regulator.
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