This is Unit 6 of the training programme in pursuing the "Trust Training Certificate".
It provides an overview of rules and regulations apply to trust companies (professional trustees) and the current compliance and reporting environment, including AML, which apply to Trusts.
For the topics to cover, please refer to the content section below.
If the participant is intended to pursue the "Trust Training Certificate", he / she is required to take "TTC Unit 1: Introduction to Trusts" and "TTC Unit 2: Types of Trusts and When Appropriate" prior to attending this course.
Compliance, AML, Legislative rules and how they apply to trusts
1. Current HK legislation and regulations on trustee companies:
- Registered Trust Company
- New legislation / licensing requirements for trust companies
- Shareholders and directors Fit & Proper criteria
- UBO registers
2. Applications of FATCA and CRS to trust structures and the Trustee’s responsibility
3. Classifications of Trusts under FATCA/CRS
4. Requirements for AML & client due diligence (“CDD”)
5. Due diligence and source of funds (“SOF”) required
6. What SOF is sufficient?
7. What will be reportable in 2018 under CRS?
Who Should Attend
The course is primarily targeted to those who would like to pursue the "Trust Training Certificate" in order to apply for the Hong Kong Trustees' Association Certified Trust Practitioner™ designation.
It is also relevant to those who would like to gain a solid understanding of the course subject matter and / or those who plan to enter into the Trust industry sector.