Trusts and Compliance
This is Unit 6 of the training programme in pursuing the "Trust Training Certificate".
It provides an overview of the 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 "Introduction to Trusts" and "Types of Trusts and When Appropriate" prior to attending this course.
Compliance, AML, Legislative rules and how they apply to trusts
- 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
- Classifications of Trusts under FATCA/CRS
- Requirements for AML & client due diligence (“CDD”)
- Due diligence and source of funds (“SOF”) required
- What SOF is sufficient?
- 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™ ("CTP") designation and those who would like to apply for Experienced Practitioner Exemption in awarding CTP 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.
Financial Incentive Scheme of the WAM Pilot Programme
This is one of the eligible courses under the Financial Incentive Scheme (“The Scheme”) of the WAM Pilot Programme.
In-service practitioners of the financial services industry will be eligible for the Scheme. They will be reimbursed 80% of the course fees, subject to a maximum of HK$7,000 (whichever is the lower) upon satisfactory completion of a course or seminar over the three-year period of the Scheme.
Each individual may apply for reimbursement for more than one course / seminar.
Application to reimburse the course fees, together with the required documents, must be submitted within four months from the last day of the course attended.
Please refer to the WAM Pilot Programme website for more details.