Trusts—disclosure of beneficial ownership information via the Trust Registration Service (TRS) and record-keeping

The following Private Client practice note provides comprehensive and up to date legal information covering:

  • Trusts—disclosure of beneficial ownership information via the Trust Registration Service (TRS) and record-keeping
  • Money Laundering Regulations 2017 and Money Laundering Regulations 2020
  • Application of MLR 2017, SI 2017/692 to trusts and trustees
  • Trustees’ obligation to keep records of beneficial ownership information
  • Obligation
  • Beneficial owners
  • Other information
  • Trustees’ obligations to disclose beneficial ownership information to HMRC via the TRS
  • Information already required to be disclosed by taxable relevant trusts
  • Additional information required to be disclosed by taxable relevant trusts as introduced by MLR 2020, SI 2020/991
  • More...

Trusts—disclosure of beneficial ownership information via the Trust Registration Service (TRS) and record-keeping

Money Laundering Regulations 2017 and Money Laundering Regulations 2020

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692 form part of the UK’s overall anti-money laundering and counter-terrorist financing regime. They came into force on 26 June 2017 to give effect to the EU’s Fourth Anti-Money Laundering Directive Directive (EU) 2015/849 (4MLD) and have since been significantly extended by the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (MLR 2020), SI 2020/991, which implement the EU’s Fifth Anti-Money Laundering Directive Directive (EU) 2018/843 (5MLD) in relation to the registration of trusts. The Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511 were also made to transpose 5MLD into UK law, but these dealt with provisions other than those relating to the registration of trusts and are outside the scope of this Practice Note.

In this Practice Note, references to MLR 2017, SI 2017/692 include the amendments incorporated as a result of MLR 2020, SI 2020/991 coming into effect, unless otherwise stated. This Practice Note is mainly concerned with MLR 2017, SI 2017/692, Pt 5, which contains the rules relating to beneficial ownership information.

For further guidance on the history of the implementation of 5MLD, see Practice Note:Trusts—Trust Registration Service (TRS)—5MLD.

This Practice Note

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