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HMRC internal manual

Money Laundering Regulations: Compliance

Trust or Company Service Providers (TCSPS): What businesses come within the definition of a Trust or Company Service Provider?

The definition of a TCSP is set out in MLR 2007 at Regulation 3(10). It includes a wide range of individuals and firms including the following:

* company formation agents
* providers of registered offices, business addresses, accommodation or correspondence addresses for businesses other than sole proprietors.
* firms that act or arrange for persons to act as a company director, company secretary or partner in a partnership
* individuals or firms providing their services as a nominee director, nominee company secretary or nominee shareholder
* individuals or firms acting as professional trustees unless they relate to certain low risk trusts.

It is not unusual for a TCSP to offer more than one of the services listed above. For example businesses may offer packages that include company formation, provision of registered or business address and nominee services. In addition some TCSPs also offer services that fall within the definition of an ASP and they are dually registered for MLR purposes. An example of this would be a business that acts as a professional trustee and also does accountancy or tax advisory work for clients.