Between November 2019 and January 2020, the HSF private wealth and charities team conducted a survey of trust companies, asking firms of different sizes, from a variety of onshore and offshore jurisdictions, questions about the most significant risk and compliance issues they face. We have been counting down the risks identified by respondents and this week we have reached anti-money laundering (AML) compliance: the second most significant challenge faced by trust companies.
In this briefing, we discuss and contextualise the results of the AML section of our survey, examining the specific aspects of AML compliance trust companies said that they are struggling with, and what they are doing to address them. You can also listen to a podcast accompanying this article below.
More information about the survey and links to our discussion of other key identified risks is available here. Further briefings from our private wealth and charities team can be found in our sister blog.
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