We are delighted to announce that a Trust or Company Service Provider License (“TCSP”) has been granted to our firm Fiduserve Corporate Services Limited and to its subsidiary Fiduserve Secretaries (HK) Limited under section 53G of the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615. With effect from 1 March 2018, the TCSP licensees are required to comply with the statutory customer due diligence and record-keeping requirements. Any person/company that carries on a trust or company service business in Hong Kong without a license commits an offence.
This is the first time that TCSPs have been subject to a regulatory regime in Hong Kong and we are very glad that the Hong Kong Government finally decided to introduce this TCSP licensing regime to assist with the international fight against money laundering and terrorist financing.
With in-depth knowledge of the rules, regulations, statutory reporting and other requirements, Fiduserve Corporate Services Limited assures its clients that we will continue to monitor the legislation updates in an effort to remain compliant, and in this manner protect client structures and underlying assets.