From CompliNEWS | Financial Service Intelligence Watch

Guidance on Trust Company Service Providers issued

The Financial Intelligence Centre (FIC) has released public compliance communication 6A (PCC 6A) to offer clarity on the interpretation of Schedule 1, item 2 accountable institutions, specifically focusing on trust company service providers. This guidance sheds light on potential money laundering and terrorist financing risks that this sector might encounter.

The issuance of PCC 6A is a direct response to the modifications made to Schedule 1 of the FIC Act, as detailed in Government Gazette 47596. This Gazette was made public on Tuesday, 29 November 2022, and the changes were implemented from Monday, 19 December 2022.

Prior to the official release of PCC 6A, it was presented for consultation. From 15 December 2022 to 20 January 2023, accountable institutions, advisory bodies, and other interested parties were invited to provide their feedback. The FIC has taken into account all the comments received and has integrated them into PCC 6A as deemed suitable.

In essence, this guidance aims to enhance transparency and understanding for trust company service providers, ensuring they are well-informed about their responsibilities and potential risks in the realm of money laundering and terrorist financing.