AB Corporate Client Due Diligence

CDD for UK Trusts

When acting for a UK Trust you should:

  • obtain a copy of the trust deed, any variations to it and any deeds of appointment so you can verify the validity of appointment of the current trustees

  • verify the identity of the trustee(s) instructing you and where these are not all the trustees confirm their 

In terms of your responsibility to identify the beneficial owner, each of the following should be seen as a beneficial owner:

  • the settler

  • the trustees

  • the beneficiaries

  • where the individuals (or some of the individuals) benefiting from the trust have not been determined, the class of persons in whose main interest the trust is set up or operates, or 

  • any individual who has control over the trust

Identifying the beneficial owners in relation to trusts is complex and further guidance can be found in as pages 60 - 65 of the Legal Sector Affinity Group Guidance.