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.
In order to better verify the existence, legal form and parties to a trust, having regard to the ML/TF risks, GRDA may require:
Section 1 of Part 1 of Schedule 2 to the AMLO defines a beneficial owner in relation to a trust as: