Support & Advice Services
A bespoke service can be provided tailored to your needs. Whether this be:
Advice on the operation of particular types of trusts.
Assistance to understand the many tax aspects relating to trusts and the parties associated with the trust.
A review of trust client deeds to understand if all taxation and administration responsibilities have been met.
Support with meeting the regulatory obligations imposed on regulated businesses by providing insight into the requirements of and undertaking the discrepancy checking required under the TRS regulations.
Bespoke training can be provided covering trust taxation, reading and understanding the operation of different trust deeds and the regulatory requirements imposed on regulated businesses by the 5MLD regulations.
Presentations at seminars and webinars are available tailored to the client’s requirements.
This support and advice can be provided in the way that works best for you – either on an ad-hoc basis or on an ongoing service basis.
5MLD responsibilities imposed on regulated businesses
To fulfil their money laundering responsibilities regulated businesses such as financial advice firms, solicitors and accountants, need to check the Proof of Registration document, the Obliged Entity Letter, (OEL), supplied by the trustees to the trust records held. If a discrepancy is noted there is a reporting responsibility to HMRC if the trustees do not resolve the discrepancy within a reasonable time frame. HMRC consider a reasonable time frame to be 30 days. These checks should be undertaken for all trust clients having an ongoing business relationship and before taking on a new trust client.
