MAS Reprimands DBS Trustee Limited for Contravention of Section 60 of the Trust Companies Act (CHAPTER 336) (The “TCA”)

1     On 4 May 2012, MAS reprimanded DBS Trustee Limited [“DBST”], for contravention of section 60 of the TCA.

2     Section 60 of the TCA states that all monies and assets which remain in the hands of a licensed trust company, as trustee of a trust constituted in Singapore, and unclaimed by the person entitled to them for a period of 6 years after the time when they became payable to that person (except where payment has been restrained by an order of court of competent jurisdiction), together with such interest, if any, has been received by the licensed trust company in respect thereof, less any commission or other charges properly chargeable by the licensed trust company, shall be paid by the licensed trust company into court (a) under and in accordance with section 62 of the Trustees Act (Cap. 337) and (b) within such time or at such intervals as may be prescribed by MAS.
 
3     DBST has contravened section 60 of the TCA as it failed to pay unclaimed monies of a trust (of which it has been acting as a trustee) into court after the expiry of 6 years from the time they became payable to the beneficiaries. The unclaimed monies were payable to the beneficiaries between 1991 and 2001. 

4     The breach was self-reported by DBST to MAS. MAS has been informed by DBST that it has taken steps to rectify the lapse and put in place processes to prevent the recurrence of such lapse.

MAS expects a licensed trust company to take all reasonable steps to comply with the provisions of the TCA, the Trust Companies Regulations and all applicable regulatory requirements at all times.

Last Modified on 26/11/2016