Overview
This eCourse will be accessible from 26 July to 27 November 2021.
This is the Unit 6 of the training programme in pursuing the “Trust Training Certificate” (“TTC”). 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.
This eCourse is developed based on the recorded webinar session of Unit 6 held on 27 April 2021. For participants who plan to take the TTC Part A Examination in November 2021, please ensure you read the latest version of study guide and materials provided via the examination enrolment link.
There is only one module in this unit.
Module 10: Compliance, AML, Legislative Rules & how they Apply to Trusts.
Objective
On completion of the course, you will be able to:
- Describe the trustee compliance requirements for most types of trust, e.g. AML, CDD, SOW, SOF, CRS and FATCA
- Understand what / when generates reportable person or account (e.g. US person)
- Understand the thinking process in determining the reporting requirements for a typical trust
Content Highlight
Module 10: Compliance, AML, Legislative Rules & how they Apply to Trusts
1. Current HK legislation and regulations on trustee companies
- Registered Trust Company Rules
- New Legislation / Licensing requirements for trust companies in 2018
- Shareholders and Directors Fit and Proper
- UBO registers
2. The principles of CRS and FATCA as they apply to trust structures and the Trustees’ responsibility
3. Classifications of trusts under FATCA / CRS
4. Requirements for AML & CDD
5. Due diligence and source of funds 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 the Trust industry sector.