Legacy Trust Company Is Now TCSP Licensed Entity

Legacy Trust Company is amongst the first trust companies to be granted TCSP license.

By Christine Cheung on 25 September 2018

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.”

Disclaimer:

The article and the statements contained herein are for general, educational and reference purposes only and do not necessarily reflect those of Legacy Trust Company, its subsidiaries or its affiliates. All information has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. This article and views herein do not constitute a financial, investment, tax, legal, accounting or other professional advice on any matter, nor does it evaluate, recommend or endorse any advisory firm or investment vehicle. Legacy Trust Company assumes no liability whatsoever for any action taken in reliance on the information contained herein, or for direct or indirect damages.

This article and the material contained herein are not an offer or solicitation to buy or sell any financial or investment products, or to participate in an investment scheme, and should not be construed as such. This article is not intended for dissemination, and may not be accessed or relied upon by any individuals or entities, in any jurisdiction where such distribution or use would be against applicable laws and regulations. Similarly, it may not be used for offers or solicitations or distributed in any jurisdiction, or in any circumstances in which such offer or solicitation is unlawful or unauthorized, or where there would be, under such distribution, new or additional registration or licensing requirements.

Reproduction, distribution, republication and retransmission of the whole or any part of this work is not allowed without the prior consent of Legacy Trust Company. All trademarks, service marks, product names, logos, and brands are the property of their respective owners.

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