Overview

This is Unit 6 of the "Trust Training Certificate" ("TTC") (version 2.0) training programme.

It consists of two modules:
Module 11: Compliance, Anti- Money Laundering, Legislative rules and how they apply to Trusts
PART A – Anti-Money Laundering Ordinance and Companies Registry Requirements for Trust or Company Service Providers (“TCSPs”)
Module 12: Compliance, Anti- Money Laundering, Legislative rules and how they apply to Trusts
PART B – Automatic Exchange of Information (“AEOI”) FATCA and CRS Reporting Requirements for Trustees

For details on the topics to be covered, please refer to the 'Content' section below.

If you wish to register for the full TTC (version 2.0) Part A training programme and examination, click here.

Objective

On completion of the course, learners should be able to:
(a) Describe the trustee compliance requirements for most types of trusts and trustees e.g. TCSP licensing, AML, CDD, SOW, SOF, CRS and FATCA
(b) Understand what / when generates a reportable person or account (e.g. US person)
(c) Understand the thinking process in determining the reporting requirements for a typical trust
(d) Understand what / when generates reportable person or account (e.g. US person)
(e) Understand the thinking process in determining the reporting requirements for a typical trust
(f) Classify a trust and underlying company for FATCA and CRS purposes

Content

Module 11: Compliance, Anti- Money Laundering, Legislative rules and how they apply to Trusts
PART A – Anti-Money Laundering Ordinance and Companies Registry Requirements for Trust or Company Service Providers (“TCSPs”):
1. Hong Kong legislation and regulations regarding trust companies
2. TCSP licensing process and requirements
    • Licensing procedures and exemptions
    • "Fit and proper test"
    • Renewal of license
    • Notice of change of particulars
    • Cessation of business or cancellation of license
    • Revocation or suspension of license
3. Obligations of a TCSP licensee and a Hong Kong company
4. Significant controller registers

Module 12: Compliance, Anti- Money Laundering, Legislative rules and how they apply to Trusts
PART B – Automatic Exchange of Information (“AEOI”) FATCA and CRS Reporting Requirements for Trustees
1. The tax residency of trusts and Hong Kong profits tax obligations
2. The principles of FATCA as they apply to trust structures and trustees’ responsibilities
3. The principles of CRS as they apply to trust structures and trustees’ responsibilities
4. Recordkeeping requirements

Who should attend

This course is primarily designed for individuals who are interested in obtaining the "Trust Training Certificate" to qualify for the Hong Kong Trustees' Association Certified Trust Practitioner™ designation.

It is also relevant for individuals seeking a comprehensive understanding of the course subject matter and those planning to enter the Trust industry sector.

Financial Incentive Scheme of the WAM Pilot Programme

This course has already been approved as an eligible course of the Financial Incentive Scheme for Professional Training (“the Scheme”) under the Pilot Programme to Enhance Talent Training for the Asset and Wealth Management Sector (“the Pilot Programme”). The Scheme aims to enhance the competency and professionalism of in-service practitioners within the asset and wealth management sector and to assist other practitioners within the financial services industry in acquiring the knowledge and skills required for entering the sector. Eligible applicants will be subsidised 80% of the course fees by the HKSAR Government upon satisfactory completion of the courses approved by Hong Kong Securities and Investment Institute, subject to a ceiling of HK$15,000. Hong Kong Securities and Investment Institute is appointed as the implementation agent of the Pilot Programme. Regarding the details of eligible criteria and application procedures, please refer to the dedicated web-site of the Pilot Programme (https://www.wamtalent.org.hk/).

Click here if you wish to register for full TTC (version 2.0) Part A training programme and examination.