INFORMATION REQUIRED

  • the name of the trust, if any
  • date of establishment/settlement;
  • the jurisdiction whose laws govern the arrangement, as set out in the trust instrument;
  • the identification number (if any) granted by any applicable official bodies (e.g. tax identification number or registered charity or non-profit organisation number);
  • identification information of trustee(s) – in line with the verification of the identity for individuals or corporations
  • identification information of settlor(s) and any protector(s) or enforcers in verification of the identity for individuals or corporations
  • identification information of known beneficiaries (in line with the verification of the identity for individuals). Known beneficiaries mean those persons or that class of persons who can, from the terms of the trust instrument, be identified as having a reasonable expectation of benefiting from the trust capital or income.

VERIFICATION DOCUMENTS FOR TRUST

Trust Deed

GRDA must verify the name and date of establishment of a trust and should obtain appropriate evidence to verify the existence, legal form and parties to it, i.e. trustee, settlor, protector, beneficiary, etc. The beneficiaries should be identified as far as possible where defined. If the beneficiaries are yet to be determined, GRDA should concentrate on the identification of the settlor and/or the class of persons in whose interest the trust is set up. The most direct method of satisfying this requirement is to review the appropriate parts of the trust deed.

Other professionals confirmation

In order to better verify the existence, legal form and parties to a trust, having regard to the ML/TF risks, GRDA may require:

  • a written confirmation from a trustee acting in a professional capacity;
  • a written confirmation from a lawyer who has reviewed the relevant instrument;
  • reference to an appropriate register in the relevant country of establishment.

Definition of “beneficial owner” in relation to a trust

Section 1 of Part 1 of Schedule 2 to the AMLO defines a beneficial owner in relation to a trust as:

  • an individual who is entitled to a vested interest in more than 25% of the capital of the trust property, whether the interest is in possession or in remainder or reversion and whether it is defeasible or not;
  • the settlor of the trust;
  • a protector or enforcer of the trust; or
  • an individual who has ultimate control over the trust.