Freeport Trust Company Limited is licensed and regulated by the Isle of Man Financial Services Authority as a Trust and Corporate Service Provider (“TCSP”) holding a Class 4 and Class 5 licence. The primary legislation governing TCSP activity in the Isle of Man is the Financial Services Act 2008.
As a licensed Corporate and Trust Service Provider, we are obligated to comply with the Isle of Man’s AML/CFT Legislation which was first introduced in 1987. Over the years additional legislation followed which ultimately led to the introduction of the Anti-Money Laundering and Countering the Financing of Terrorism Code 2019 (“the Code”), came into force on the 1st June 2019. The Code remains to be the principal AML/CFT legislation governing the islands TCSP sector.
This legislation sets out stringent requirements for licenceholders which includes clearly identifying the intended activity and ultimate beneficial ownership of each structure before engaging in a business relationship.
For further details in relation to our requirements, please contact our offices.