Regulatory Alerts2005-12-22
Added
Notice TCA-N01 Effecting Arrangements through Licensed Trust Companies or Exempt Persons under Section 15(1)(a) and 15(1)(b) of the Act
The Monetary Authority of Singapore issued Notice TCA-N01 to regulate arrangements between licensed trust companies or exempt persons and specified persons carrying out trust business. The notice mandates that relevant persons ensure specified persons comply with anti-money laundering directions, maintain professional competence, and pass fit and proper checks while retaining compliance records for six years. Specified persons are required to provide accurate information to facilitate these obligations, with contravention of the notice constituting an offence under the Trust Companies Act.