AML/CFT Guidance issued for Private Trust Companies, and forthcoming updates to guidance and the AML Handbook

Private Trust Companies (PTCs)

PTCs provide services which typically, but for a specific exemption, would be regulated financial services business. As such they are subject to the requirements of, and need to demonstrate compliance with, the Anti Money Laundering Code 2019 (the 2019 Code).

The Authority has drafted AML/CFT sector guidance to assist PTCs. This guidance is relevant to PTCs and TCSP entities who provide services to them.

Updates to AML Guidance and the Handbook

We will issue updates to other sector guidance over the coming weeks. A press release will be issued when requirements are updated and updates will also be available on our AML/CFT Requirements and Guidance webpage.

Work to update the AML/CFT Handbook to reflect the amendments brought in by the 2019 Code is continuing and we aim to publish the re-drafted Anti-Money Laundering and Countering the Financing of Terrorism Handbook by the end of Q1 2021.