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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
Featured Video

45 minutes

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.

"Prudential" is a trading name of Prudential Distribution Limited. Prudential Distribution Limited is registered in Scotland. Registered Office at Craigforth, Stirling FK9 4UE. Registered number SC212640. Authorised and regulated by the Financial Conduct Authority. Prudential Distribution Limited is part of the same corporate group as the Prudential Assurance Company. The Prudential Assurance Company and Prudential Distribution Limited are direct/indirect subsidiaries of M&G plc, a company incorporated in the United Kingdom. These companies are not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.