Trust companies in Hong Kong are regulated and governed by the Hong Kong Trustee Ordinance (Cap 29). All trust companies are required to obtain a Trust or Company Service Providers Licence (“TCSP”) wherein the Companies Registry has the duty to monitor the trust companies with respect to their compliance with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615) (AMLO). We have the duty to follow the Customer Due Diligence procedures required in the AML Guideline issued by the Companies Registry of Hong Kong. We conduct Customer Due Diligence and Know-Your-Customer processes in-house and retain all customers’ records as per regulatory requirements.

The Hong Kong Monetary Authority (“HKMA”) has introduced the Code of Practice for Trust Business to regulate the conduct of trust business in Hong Kong, which is applicable to authorized institutions and subsidiaries of locally registered authorized institutions.

Both the Companies Registry and HKMA work to ensure trust companies meet all regulatory requirements for client onboarding, record keeping, and protecting assets.