Grace Period Runs Out for Hong Kong Company Service Providers

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Any individual in Hong Kong carrying an unlicensed TCSP business after June 28th 2018 may face a maximum fine of up to HKD $100,000 and a six-month jail sentence if found to be operating a service provider without a license.

Going forward, all Hong Kong-based trust and company service providers must apply for a licence from the HK Companies Registry. The government have already transposed a 120-day provisional period to comply with the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap 615), which came into force as an interim measure March 1st earlier this year.