Overview

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

This eCourse is based on the recorded webinar session held on 13 May 2024. For participants who plan to take the TTC Part A Examination in December 2024, you should ensure you read the study guide and materials provided via the examination enrolment link.

In line with the Unit 6 study guide, 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

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.

Click here if you wish to register for full Part A training programme and examination.