Providers of certain corporate and trust services are regulated in accordance with the Corporate and Trust Service Providers Act 2015-12 which was passed in Parliament on March 11, 2015 and later proclaimed on May 1, 2015. Under this Act, the licensee is issued with a licence to provide both corporate services and trust services for profit. These services are further described in subparagraph (2) of the First Schedule of the Act. The Corporate and Trust Service Providers Act, 2015 is administered by the Director of International Business. Pursuant to Section 35 of the Corporate and Trust Service Providers Act 2015-12 (CTSPA 2015-12), Guidance Note #3 is legally binding on all Corporate and Trust Service Providers who provide services to Specified Entities as listed in the Schedule of the Act. This Guidance Note provides guidelines on who and what is regulated by the Act and should be read before any Application Form For Corporate and Trust Service Providers is submitted to the Ministry. On payment of the Annual Fee, a Declaration Form is also to be submitted. The International Business Division’s Revised AML Guideline 2016 carry the full weight of law and reinforce what already exists under the Money Laundering and Financing of Terrorism Prevention and Control Act 2011-23 as well as the Corporate and Trust Service Providers Act, 2015-12.
See Brochure for further details on the CTSP Act.