Trust and Company Service Providers (TCSPs)
TCSPs fall within the category of designated non-financial businesses and professions (DNFBPs) under Article (1) of Law No. (20) of 2019 on Combatting Money Laundering and Terrorism Financing when they arrange, execute or conduct transactions for their customers in relation to any of the following activities:
- Acting as a formation agent of legal persons.
- Acting as, or arranging for another person to act as, a director or secretary of a company, a partner of a partnership or a similar position in relation to other legal persons.
- Providing a registered office, place of business, correspondence address or administrative address for a company, a partnership or any other legal person or legal arrangement.
- Acting as, or arranging for another person to act as a trustee for a direct credit fund or performing an equivalent function for another legal arrangement.
- Acting as, or arranging for another person to act as, a nominee shareholder for another person.
To review and clarify the obligations of TCSPs to the requirements of AML/CFT as stated in Law No. (20) of 2019 promulgating the AML/CFT Law and Council of Ministers decision No. (41) of 2019 on Promulgating the Implementing Regulations of this Law and the AML/CFT Compliance Rules for Auditors, Dealers in Precious Metals or Precious Stones, Trust and Company Service Providers, please review:
AML/CFT Compliance Guidance for Trust and Company Service Providers 2022
