FUSANG CUSTODY LIMITED
GRANTED TCSP LICENCE IN HONG KONG
HONG KONG / LABUAN / SINGAPORE, 10 SEP 2019 — Fusang Custody Limited has been granted a licence under Hong Kong’s Trust and Company Service Providers new licensing regime. The commencement of the ordinance ascertains whether licensees have complied with AML/KYC standards and ensures proper regulatory structure for trust companies.
“We have always sought out methods to work with regulators to ensure our operations and platforms can be held to the strictest requirements. Our application and approval of the TCSP licence allows our customers peace of mind that their digital assets are safe in the hands of Fusang Vault,” said Henry Chong, Chief Executive Officer of Fusang.
The new ordinance falls under Part 5A of the Anti-Money Laundering and Counterterrorist Financing Ordinance (Cap. 615) (“the AMLO”) and forms the regulatory party monitoring trust or company service providers (“TCSPs”) ensuring compliance with the statutory customer due diligence and record-keeping requirements.
Inspections include business premises checks for copies of records or documents and making enquiries about any record or document relating to the business carried out by the licensees.
ABOUT FUSANG GROUP
Fusang Group was established in 2015 and is dedicated to providing Asian markets with institutional financial infrastructure for the digital asset economy. With offices in Hong Kong, Malaysia, and Singapore, the team works to fulfill its mission of serving investors in a secure, compliant and convenient way.
ABOUT FUSANG CUSTODY LIMITED
Fusang Custody Limited, a subsidiary of the Fusang Group, offers institutions and accredited investors a proprietary digital custody solution: the Fusang Vault. Leveraging over 30 years’ experience in the institutional custody and trustee space, Fusang Vault is your professional asset servicing partner. For more information, visit https://www.fusang.co/vault.
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