GIFCS completes a further evaluation under its TCSP Standard
The Group of International Finance Centre Supervisors (GIFCS)) has completed a further evaluation of compliance by member jurisdictions with its Standard on the Regulation of Trust and Company Service Providers, in respect of Bermuda.
Bermuda is the fourth jurisdiction to be assessed under the Standard which is established as an international benchmark for regulating trust and corporate service providers. The Bermuda Monetary Authority (BMA) has published the report, which can be viewed at https://www.bma.bm/international-standards.
John Aspden, Chairman of GIFCS, said "The Standard provides a credible and comprehensive basis for regulating the sector, setting a high threshold for compliance. Effectively implemented it gives a foundation for business confidence in a sector where principles of good conduct and administration are followed". He added "GIFCS members are committed to implementing the Standard and peer group evaluations have become an important part of the process. I am delighted that the BMA has shown its commitment to the Standard in this way".
Mr Craig Swan, Chief Executive of the BMA, said, “The BMA highly values its membership to the GIFCS, which further fosters our commitment to aligning with international best practices of regulation and supervision, particularly with regards to our trust and corporate service provider sectors. We would also like to thank each member of the assessment committee for dedicating significant time and effort to the BMA’s peer assessment.”
20 December 2021
Notes for editors
The GIFCS is a long-established group of financial services supervisors with a core interest of promoting the adoption of international regulatory standards especially in the banking, fiduciary and AML/CFT arena.
The GIFCS was established in 1980. Today its membership accounts for a market share of approaching 10% of global international banking assets. The Group, which meets formally twice a year, has become a very positive contributor to promoting compliance among its membership with the Basel Core Principles and the FATF Recommendations on AML/CFT. It also contributes to some of the work of IOSCO.
The GIFCS has become recognised as a leading authority on the regulation of trust and company service providers, the interface of these intermediaries with AML/CFT standards, and on the principle of identifying beneficial owners behind trust and company structures. It has issued an international Standard for the regulation of this sector, which is being implemented by members and against which their compliance is formally evaluated.
John R Aspden
Group of International Finance Centre Supervisors
C/o PO Box 58
Finch Hill House
Isle of Man IM99 1DT
Tel: +44 (0)7403610895