The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 came into force on 26 June 2017; these Regulations bring the EU’s Fourth Money Laundering Directive into UK law.
To improve transparency these Regulations create new responsibilities for the trustees of many trusts; including the need to compile and maintain particular records about the trust; to register the trust on HMRC’s new online Trust Register as and when required and to subsequently maintain that registration.
Magma would be pleased to assist with the creation of records and the registration process.
Please click here to read further information.