International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Friday, June 29, 2018

Hong Kong Starts Enforcement of Licensure of Trust and Company

Expiry of the transitional period for existing practitioners to apply for a trust or company service provider licence

The 120-day transitional period for existing practitioners to apply for a trust or company service provider ("TCSP") licence ended on 28 June 2018.

If any practitioner is currently carrying on a trust or company service business in Hong Kong and has not yet applied for a TCSP licence from the Registrar of Companies, he/she should have applied for the licence on or before 28 June 2018, the end of the transitional period.

In the absence of such an application in respect of an existing business, any person who, after 28 June 2018, carries on the TCSP business in Hong Kong without a licence commits an offence under the Anti-Money Laundering and Counter-Terrorist Financing Ordinance, Cap. 615, and, once convicted, is liable to a maximum fine of $100,000 and imprisonment up to six months.

For detailed information, please visit www.tcsp.cr.gov.hk or call our hotline at 3142 2822.

https://lawprofessors.typepad.com/intfinlaw/2018/06/hong-kong-starts-enforcement-of-licensure-of-trust-and-company-.html

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