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PRESS RELEASE 15 October 2009


The Commission has published today a Consultation Paper that proposes an addition to the Handbook for the Prevention and Detection of Money Laundering and the Financing of Terrorism for Financial Services Business Regulated under the Regulatory Laws (the “AML/CFT Handbook”) being a section that interprets, and assists with, the application of customer due diligence measures where a relevant person is carrying on “trust company business”.

The sector specific section describes the identification measures that are to be applied where a service is provided by a trust company in respect of a trust, a legal body (such as a company), and a foundation. For each of the services that comprise trust company business, the sector specific section clarifies: 

  • Whether the nature of the service is such that a business relationship is formed or one-off transaction is carried out;
  • Who is to be considered the “customer”. 

The sector specific section does not deal with the provision of any service by a trust company to a so called “COBO-only” fund.  This will be addressed separately in a sector specific section for fund services business, which will also cover certified funds.  
Work on the funds sector specific section is ongoing.

The proposed sector specific section for trust company business has been discussed with the Commission’s Steering Group for the Prevention and Detection of Money Laundering and Terrorist Financing. 

A copy of the Consultation Paper can be downloaded from the Commission’s Website by clicking here.

- Ends -

For further information please contact: -

Andrew Le Brun - Director, International & Policy
Tel: + 44 (0) 1534 822065
Fax: + 44 (0) 1534 822001

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