- Persons desiring to carry on international trust business in Antigua and Barbuda shall apply in wririting to the Commission for the granting of a licence under any of the following categories—
- Class I General International Trust Licence;
- Class II Restricted International Trust Licence.
A general international trust licence permits carrying on of international trust business without restrictions. A licensed institution holding a Class I General International Trust Licence shall maintain a minimum capital as may be determined by the Commission from time to time, but not being less than two hundred and fifty thousand United States dollars in paid up capital.
A Class II Restricted International Trust Licence the licensed institution to carry on international trust business for a restricted list of customers, approved by the Commission from time to time, or specified in the list issued as part of the terms upon which the licence is granted.
- All trust corporations licensed in Antigua and Barbuda must maintain a physical presence. The physical presence requirement provides that licensed corporations must conform to the following minimum requirements:
- A licensed corporation must have its own separate office large enough to comfortably accommodate a staff of at least two (2) persons, computer equipment and facilities to accommodate clients.
- The time of the opening of the corporation may be flexible but it must open each day, Monday to Friday, for a minimum of six (6) hours per day. Opening hours should be posted outside the corporation notifying any interested person of the schedule.
- Licensed corporations must have at least one (1) full-time employee.
- The person mentioned above, or at least one other person employed with the corporation, must have relevant experience, that is, capable of understanding the operation of the corporation. The person must be responsible enough to recognize the process or otherwise of due diligence so as not to be unwittingly caught up in money laundering.
- Finally, physical records are to be remitted at the latest on a monthly basis to Antigua and Barbuda and stored in a manner that can be easily reproduced. This would facilitate inspection of transactions in the event of an inquiry. In addition, the facility to avail of current information must be established.
- A trust corporation is subject to an annual on-site examination to ascertain, among other things, compliance with the relevant laws, regulations and international standards; observance of Know Your Customer (KYC) standards; and maintenance of details of transactions. Examiners may also investigate procedures for reporting and filing suspicious transactions with the appropriate supervisory authority under the Money Laundering (Prevention) Act 1996; the Prevention of Terrorism Act 2005 and the Money Laundering (Prevention) Regulations, 2007.
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