Requirements for trust companies on anti-money laundering (AML) and countering the financing of terrorism (CFT).
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
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.
There are no amendment notes for this notice.