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Regulatory update

They say there is nothing more certain in life than death and taxes. Matt Hutchison suggests regulatory change could be added to this list of certainties.
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Published 21 January
1½ mins

They say there is nothing more certain in life than death and taxes. I would add regulatory change to this list of certainties. As well as being inevitable, all three share another characteristic as the timing of these events can often be unpredictable (or uncertain)!

I mention this because I had explained in the 2019 newsletter the regulatory changes that were on the horizon at that time. While the new AML/CFT framework did come into force as expected on 31 March 2019, the regulatory timeframes to get certain key activities completed changed a number of times during the year.

Brief reflections of the new regime

  1. The Channel Islands is a mature financial services centre of excellence which adopts a risk based approach that outlines we devote more time and resources to higher risk areas of our business.
  2. The regulators require documentary evidence to be obtained by us from our clients, on a variety of matters. As regulatory requirements are introduced, we pride ourselves on providing transparent guidance in order that we can work together to achieve the required standards.
  1. As a well-regulated and stable jurisdiction, it is incumbent upon fiduciaries to maintain appropriate data on our files. This may at the outset seem intrusive,
    however, it is there to enable us to meet the updated regulatory requirements and fulfil our fiduciary responsibilities.

Mandatory Disclosure Rules (“MDR”) for CRS Avoidance Arrangements and Opaque Offshore Structures were approved by the States of Guernsey. This is in line with Guernsey’s commitment to introduce legislation for MDR by 31 December 2019 in line with the timetable set for EU countries.


Similar commitments have also been reflected across the crown dependencies in a bid to preserve our regulatory environment. The aim is to dissuade advisers from endorsing avoidance schemes by enforcing a responsibility to disclose information on such schemes.


The regulatory world is increasingly complex and as a robustly licensed and regulated trust business, we strive to keep abreast of and implement all relevant regulatory changes in order that we can satisfy our fiduciary obligations as trustee to preserve and enhance your assets.

Should you require any further information as to how we help family offices, please contact your usual Nedgroup Trust relationship manager who would be happy to discuss examples of the support we provide and help you understand the different options available to you.

 

Or, if you are not a client, but would like to find out about Nedgroup Trust’s services, please get in touch using the links to the forms towards the end of the page.

The structures and wrappers used are provided for illustrative purposes only, and are not to be read as an invitation or inducement to buy a service. This content does not constitute advice or a personal recommendation. Individuals should seek professional advice, based on their jurisdiction and personal circumstances, before making any financial decision.

about the author

Matt Hutchison

Matt Hutchison

Based in Guernsey, Matt heads up the risk and compliance function for the Channel Islands trust business. He has worked in the risk and compliance field for over 18 years, over half of those as a regulator.  Prior to that, he worked in the trust industry and in banking and fund management.

 

Matt holds a Master’s degree in Corporate Governance and is a member of The Chartered Governance Institute (ICSA).

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