Regulatory Alerts2025-06-09
Added · Updated
Notice BTA1-N01 on Prevention of Money Laundering and Countering the Financing of Terrorism for Trustee-Managers of Registered Business Trusts
This Notice requires trustee-managers of registered business trusts to disclose their trustee status when establishing contact with financial institutions, designated non-financial businesses and professions, or variable capital companies. It mandates the retention of all books and papers for at least five years after the business trust is deregistered, allowing retention in original or copy form provided they are admissible as evidence in a Singapore court. Additionally, trustee-managers must retain records pertaining to matters under investigation or subject to a suspicious transaction report in accordance with requests from the Suspicious Transaction Reporting Office or other relevant authorities.
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