Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part V · Labuan Trust Companies
76. Duties of agent of Labuan private trust company
Feedback & supportA Labuan trust company shall not act as the agent of a
Labuan trust company
“Labuan trust company” means a person licensed to carry on trust company business under sections 61 and 71;
Labuan private trust company unless it has taken all reasonable steps to satisfy itself that the Labuan private trust company—
Labuan private trust company
“Labuan private trust company” means a Labuan company or foreign Labuan company carrying on trust company business for a private trust and registered with the Authority under Division 4 of Part V;
complies with paragraph 74(2)(a); or
where the Labuan private trust company is not at that time carrying on private trust business, that the Labuan private trust company will, on commencing its private trust business, comply with paragraph 74(2)(a).
The agent of a Labuan private trust company shall on a periodic basis take all reasonable steps to satisfy itself that the Labuan private trust company continues to comply with paragraph 74(2)(a).
The frequency with which the agent reviews the compliance of a Labuan private trust company with paragraph 74(2)(a) shall be determined by the agent on the basis of its assessment of the risk that the Labuan private trust company may fail to comply with that section.
The agent shall take all reasonable steps to ensure that the most recent copies of the following records with respect to each
Labuan private trust company for which it acts as agent are kept at its office in Labuan at all times:
the trust instrument and any deed or document varying the terms of the trust, for each relevant trust; and
the documentation and other information on which it has relied to satisfy itself that the Labuan private trust company complies with paragraph 74(2)(a).
If at any time the agent of a Labuan private trust company forms the opinion that the Labuan private trust company does not comply with paragraph 74(2)(a), it shall immediately notify the Authority in writing of its opinion.