2005, the new Trust Companies Act (TCA) was passed
in Parliament. MAS subsequently published the Regulations,
Notices and Guidelines pursuant to the TCA on 22
December 2005. The TCA framework was operationalised
on 1 February 2006.
Under the new TCA framework, MAS takes over
the regulation of trust companies from the Accounting
and Corporate Regulatory Authority (ACRA), the
administrator of the previous Trust Companies
Act (Cap.336). This transfer of responsibilities
allows for a single regulator, MAS, to supervise
the complementary activities of trust services,
private banking and wealth management.
This move is aimed at establishing a sound framework
for the regulation of the trust services industry
and at attracting top professionals and their
clients to do more trust business in Singapore.
To ensure high standards of probity, professionalism
and business conduct in the trust services industry,
licensing is now mandatory for trust companies.
Higher standards of regulation and supervision
have also been established to ensure fit and
proper persons operating in the industry, and
the industry’s observance of anti-money
MAS is also working closely with industry and
the Institute of Banking and Finance (IBF) to
expand the talent pool of trust professionals,
and to raise their level of expertise, skills