Compliance, Legislative & Regulatory Standards
Trust Training Certificate (TTC) - Unit 6: 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 "TTC Unit 1: Types of 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
This course is primarily targeted to those who would like to pursue the "Trust Training Certificate" in order apply for the Hong Kong Trustees' Association Certified Trust Practitioner™ ("CTP") designation and those who would like to apply for the 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.
Mark is active in providing advisory works both to governments and families with international members. Mark advised the Government of Singapore with regard to the Trustees Act of Singapore. He originated the proposals for changes to the Trust Law of Hong Kong and advised on such changes. He advised the Malaysian Government on changes to the laws of Labuan, including Trust Law, Foundations Law and Limited Partnership Law. He remains an international adviser to that government. He advised the Government of Samoa on and has drafted new Trust Law, new Foundations Law and a new Trustee Companies Bill and has advised on and drafted changes to other relevant laws in consequence.
Mark taught a course on international estate planning, including the use of trusts and foundations, as Adjunct Professor of Law at the National University of Singapore for 10 years. He is teaching a similar course in Samoa.