Notices
Notice TCA-N01 Effecting Arrangements through Licensed Trust Companies or Exempt Persons under Section 15(1)(a) and 15(1)(b) of the Act
Sets out the requirements which apply when licensed or exempt trust companies enter into certain trust arrangements with certain specified persons
Issued pursuant to:
This notice sets out the obligations of a licensed trust company or an exempt trust company (i.e. bank or merchant bank) when it enters into an arrangement with certain specified persons to create or act as trustee for an express trust, such as:
- Ensuring that the specified person has adequate procedures to comply with MAS’ written direction on AML/CFT.
- Ensuring that the specified person is competent and has the relevant qualifications to provide the trust business services.
- Making checks to determine if the specified person is fit and proper.
It also sets out obligations on the specified person to furnish information as required by the licensed or exempt trust company, and to use due care to ensure that the information is not false or misleading.
Amendment Notes
There are no amendment notes for this notice.
Related to this Notice
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Forms and TemplatesLast Revised Date: 23 March 2023
Form 8 - Notice of Commencement of Trust Business of Persons Exempted from Holding a Trust Business Licence under Section 15(1)(a), 15(1)(b), or Regulation 4(1)(b)(iv)
Form for banks, merchant banks and other exempt persons providing trust services to notify MAS of their commencement of trust business within 1 month from the date of commencement of trust business.
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FAQsLast Revised Date: 01 March 2023
FAQs on Trust Companies Act and Trust Companies Regulations
Provides guidance on the regulatory scope of the Trust Companies Act, including licensing and reporting requirements for licensed trust companies, exempt trust companies and exempt persons providing trust services.
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NoticesLast Revised Date: 01 March 2022
Notice TCA-N03 Prevention of Money Laundering and Countering the Financing of Terrorism - Trust Companies
Requirements for trust companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
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RegulationsLast Revised Date: 30 November 2006
Trust Companies (Exemption) Regulations
Sets out the groups of persons exempted from the requirement to hold a trust business licence and the regulatory requirements for these exempt persons.
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ActsPublished Date: 31 July 2006
Trust Companies Act 2005
Governs the licensing and regulation of trust companies in Singapore.