TRSM50020 - Trustee data retention obligations: contents: information to be retained by the trustees

Trustees are required to maintain accurate and up to date written records of all the actual and potential beneficial owners of the trust as set out under Regulation 44(1) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

A written record of the information set out should be retained by the trustees. The beneficial owners include all trustees, settlors, beneficiaries or any person who has control over the trust.

The information required to be retained is as follows:

Contact details for the trust:

• A contact address for the trustees
• Details of Advisors to the trust
  • The full name of any advisors who are being paid to provide legal, financial or tax advice to the trustees in relation to the trust

Beneficial owners who are individuals:

• Full name
• Date of birth
• National Insurance number
• Address (if a National Insurance number cannot be provided.)
  • If the address is not in the UK, passport or identification card details of the beneficial owner should be recorded, including the number, country of issue and the expiry date.
  • If the individual does not have a passport or identification card, the number, country of issue and expiry date of any equivalent form of identification should be retained.

Beneficial owners who are companies:

• The name of the company or business
• Unique Taxpayer Reference
• The registered or principal office of the company
• The legal form of the entity and the law by which it is governed
• The name of the register of companies and the company’s registration number (where applicable)

Where there is a class of beneficiaries:

• Description of the class of beneficiaries
  • Trusts are often set up for the benefit of a class of unnamed beneficiaries. To be a valid trust, this class must be identifiable. For example, a trust could be set up for the benefit of 'all children of X'