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.
- For access to and clarification of the obligations of TCSPs in terms of the AML/CFT requirements in this Law, 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 and Trust and Company Service Providers, please refer to the following:
AML/CFT Compliance Guidance for Trust and Company Service Providers (In progress)