We are delighted to announce that Legacy Trust Company is amongst the first trust companies in Hong Kong to be granted a license under the new Trust or Company Service Provider (“TCSP”) licensing regime.
Under this new licensing regime, trust and company service providers are required to apply for a license from the Companies Registry and meet the statutory requirements that require TCSPs and every relevant person of the TCSP to be “fit and proper” to carry on or be associated with a trust or company service business.
Carrying on a trust or company service business in Hong Kong without a licence is an offense. Furthermore, TCSP licensees must also comply with the statutory AML and KYC requirements as set out in Schedule 2 to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap. 615).
Vincent Chok, CEO of Legacy Trust Company Limited, commented: “TCSP licensing regime has been long awaited by all professional industry participants in Hong Kong. These concise statutory requirements have helped to create a level playing field and, in the long run, will further promote prudence and high service standards amongst TCSPs. Moreover, it ensures that Hong Kong as a global financial center is aligned with international best practices in this space. It is a good step in the right direction.”