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What it takes to be a TCSP in Hong Kong?
February 23, 2021
Hong Kong’s TCSP Licensing Regime:
- Trust or company service providers in Hong Kong are required to obtain a licence in compliance with the requirements of the Anti‐Money Laundering and Counter‐Terrorist Financing Ordinance (AMLO).
- Ensuring that TCSPs meet the requirements of customer due diligence and record-keeping requirements
- Licence is valid for 3 years, and to be renewed 60 days before expiry.
- “Fit and proper” test
- required to account for factors such as criminal and bankruptcy history of the applicant and various partners.
If you are a new applicant:
- Application fee of HK$3,440
- Additional fee of HK$975 for each person subject to the fit and proper test
If you are an existing applicant looking to renew:
- Application fee of HK$2,910
- Additional fee of HK$975 for each person subject to the fit and proper test
If you are an existing applicant looking to cease operations:
- A licensee who fails to notify the Registrar of cessation of trust of company service business commits an offence and is liable on conviction to a fine of HK$50,000.
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