Trusts and overseas entities

Certivus treats a trust or an overseas entity as a non-individual client, like a company. Set its legal form on the client page, in the Structure and registration card, and Certivus asks for what the regulations need.

Trusts

Who the beneficial owners are

For a trust, the beneficial owners are (MLR 2017 reg 6(1)):

• the settlor,
• the trustees,
• the beneficiaries, or, where they have not been named yet, the class of people the trust is set up for,
• anyone else who controls the trust, such as a protector.

Add each one on the Beneficial Owners card and choose their Role in the trust. Every settlor, trustee, named beneficiary, protector and other person with control must be verified before the trust can be approved, whatever they hold. Verify them the same way as a company's owners (see Verifying beneficial owners).

A class of beneficiaries is described, not named, for example "the grandchildren of the settlor". It does not need verifying. Identify each person when they are named or receive something from the trust.

A verified trustee also counts as the person acting for the trust.

Trust Registration Service

Before you take on a trust that must register with HMRC's Trust Registration Service, obtain proof of its registration (MLR 2017 reg 30A, AMLGAS 5.7). In the Structure and registration card, enter the trust's Unique Reference Number (for example XATRUST80000001) or its 10-digit UTR, the date of the excerpt, and upload the excerpt.

Until the excerpt is on file, approving the trust shows a warning. If the trust does not need to register, the MLRO can approve as an override and say why in the reason.

Overseas entities

If an overseas entity holds, or is buying, land in the UK, it must be on Companies House's Register of Overseas Entities. Tick Holds or is buying land in the UK and record its Overseas Entity ID (OE followed by six digits), the date of the excerpt and the excerpt itself. Approval waits for it in the same way, and the MLRO can override with a reason.

Discrepancies

If what the register says differs from what you found, for example a trustee on the TRS who is not on your file, record it in the card. You should report a material discrepancy, normally within 15 working days. When you have, record the report reference, or mark the discrepancy resolved with the reason.

An open discrepancy shows a warning when you approve the client. The MLRO can override it with a reason, but should still report it.

In the compliance pack

The compliance pack shows each owner's role in the trust, the registration reference and excerpt date, and every discrepancy with what was done about it.