International Trust Corporations
A trust corporation is subject to examination to ascertain, among other things, compliance with the relevant laws, regulations, and international standards; observance of Know Your Customer (KYC) standards; and maintenance of details of transactions.
Examiners may also investigate procedures for reporting and filing suspicious transactions with the appropriate supervisory authority under the Money Laundering Act; the Prevention of Terrorism Act and the Money Laundering Regulations.
Trust Company Licenses
Persons desiring to carry on international trust business in Western Sahara shall apply to the CRA of Western Sahara for the granting of a license under any of the following categories:
Class I General International Trust License
A general international trust license permits carrying on of international trust business without restrictions. A licensed institution holding a Class I General International Trust License shall maintain a minimum capital as may be determined by the CRA of Western Sahara from time to time, but not being less than two hundred and fifty thousand United States dollars in paid-up capital.
Class II Restricted International Trust License
A Class II Restricted International Trust License the licensed institution to carry on international trust business for a restricted list of customers, approved by the CRA of Western Sahara from time to time, or specified in the list issued as part of the terms upon which the license is granted.
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