Regulatory Alerts2025-06-30
Added · Updated
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
This Notice applies to all licensed trust companies and private trust companies exempted from licensing, taking effect on 1 July 2025. It requires these entities to implement risk-based approaches for assessing and mitigating money laundering and terrorism financing risks, including specific protocols for new products and technologies. The document mandates comprehensive customer due diligence measures, prohibiting anonymous dealings and requiring the identification and verification of trust relevant parties, connected parties, and effective controllers using reliable independent sources. It also establishes obligations to file suspicious transaction reports and disclose trustee status to financial institutions, designated non-financial businesses and professions, and variable capital companies.