What happens if one of the parties is a trust?

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In the case of trusts, under The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, we are also required to verify the identity of each of the following:

  • The settlor
  • 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
  • Any individual who has control over the trust.

For each person, we require a copy of their passport or other photo ID giving their date of birth and a second document confirming their address.