Trust in the Future
Session: 25 March
In this session Graeme Robb, one of our Senior Technical Managers explored the Trust Registration Service (TRS) and considered how it’s been shaped by not one, but two Money Laundering Directives (4MLD & 5MLD). He analysed which trusts are included and which are exempt and explained what information is required, who is responsible and when. The session is vital to assist advisers when interacting with trustees.
Learning Outcomes – to demonstrate an understanding of:
- The background to the introduction of the Trust Registration Service
- The impact 4MLD & 5LD has had on trusts
- Which trusts are included and which are exempt
- The deadlines
To claim your CPD certificate, test your knowledge with the questions below.
Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
Test your knowledge
1. Which of these statements in correct?
a. 4MLD passed into UK law in 2020
b. 5MLD will pass into UK law by 31 December at the latest
c. 5MLD passed into UK law in 2020. It was effective from January 2020 for due diligence aspects but just 6 October 2020 for the expansion to the TRS
d. 5MLD passed into UK law in 2020. It was effective from January 2020 for due diligence aspects but will be summer 2022 for the expansion to the TRS.
2. Under 5MLD certain trusts are excluded from having to be registered unless they are liable to pay tax. Which of these trusts is not excluded?
a. Bare trusts
b. Bereaved Minor Trusts
c. UK Charitable Trusts
d. Trusts imposed by statute
3. Registering a trust on the TRS is the responsibility of:
a. The provider of the trust – e.g. lawyer or insurance company
b. The settlor of the trust
c. The trustees although they can appoint an agent to register on their behalf
d. Any person appointed by the settlor
4. Under 5MLD the scope of the trust register has been extended to:
a. Child Trust Funds
b. Venture Capital Trusts
c. All Will trusts
d. Trusts whether or not the trustees have tax to pay
To claim your CPD certificate, click here.