Regulatory Alerts2021-12-06
Added · Updated
The International Corporate and Trust Services Providers (Change of Name and Amendment) Act 2021
This Act amends the principal legislation to regulate domestic trust and corporate service providers by removing the term "international" from the Act's title and provisions. It expands the scope of application to individuals, firms, and companies providing these services as a business, while excluding superannuation funds and retirement schemes. Licensed service providers are required to maintain accurate records of clients and beneficial ownership, retain them for at least seven years, and notify the Commission if records are kept outside the principal office. Additionally, licensees must ensure annual audits by independent auditors and appoint a principal representative who is registered with the Commission and responsible for compliance and fee payments.