Since 1 March 2018, trust and company service providers (“TCSPs”) in Hong Kong are required to be licensed, and licensed TCSPs must comply with statutory customer due diligence and record-keeping requirements. Apart from the need to apply for a licence, TCSPs will have to set up policies and procedures for monitoring and ensuring compliance with anti-money laundering / counter-terrorist financing requirements.
Also, the Companies Ordinance (Cap. 622) has been amended to enhance the transparency of beneficial ownership. Since 1 March 2018, companies incorporated in Hong Kong have to maintain a Significant Controllers Register (“SCR”) that contains particulars of the registrable persons and/or registrable legal entities with significant control over the company.
Tricor is organizing a briefing session on the TCSP licensing regime and on the requirement to keep an SCR.