Industry Best Practice Paper
Managing Money Laundering and Terrorism Financing (“ML/TF”) Risks Associated With Complex Trust Structures

The STA on behalf of the Complex Structures Working Group is providing members of the trust industry with the Industry Best Practice Paper on “Managing Money Laundering and Terrorism Financing (“ML/TF”) Risks Associated with Complex Trust Structures”. The Working Group comprises representatives from a few licensed trust companies and professional intermediaries, with the participation of the Monetary Authority of Singapore as an observer.

This industry best practice paper seeks to provide additional best practice guidance to licensed trust companies to manage the ML/TF risks associated with complex trust structures. To help the industry, the paper also contains common examples of complex trust structures and best practice measures to mitigate associated ML/TF risks in those situations. It is neither intended to be prescriptive nor exhaustive.

– STA ExCo