The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017

[F1 Register of beneficial ownership: additional types of trust U.K.

45ZA.— (1) In relation to trusts which are—

(a) type A trusts, other than taxable relevant trusts;

(b) type B trusts, other than taxable relevant trusts;

(c) type C trusts, other than taxable relevant trusts,

the information to be contained in the register maintained under this Part is the information referred to in paragraphs (3) and (4), and in this paragraph, “taxable relevant trust” has the meaning given in regulation 45.

(2) For the purposes of this regulation—

(a) a “type A trust” is a UK trust which is an express trust and is not an EEA registered trust or a trust listed in Schedule 3A;

(b) a “type B trust” is a non-UK trust which has at least one trustee resident in the United Kingdom, is an express trust and is not an EEA registered trust or a trust listed in Schedule 3A, where the trustees of that trust, in their capacity as such—

(i) enter into a business relationship with a relevant person; or

(ii) acquire an interest in land in the United Kingdom;

(c) a “type C trust” is a non-UK trust which is an express trust and is not a trust listed in Schedule 3A, where none of the trustees are resident in the United Kingdom and those trustees, in their capacity as such, acquire an interest in land in the United Kingdom.

(3) The trustees of a trust to which paragraph (1) applies must, within the time specified in paragraph (5), provide the Commissioners with the following information, apart from any information already provided to the Commissioners under regulation 45 (at a time when the trust was a taxable relevant trust within the meaning of that regulation)—

(a) the information specified in paragraphs (i) to (v) in relation to each of the beneficial owners of the trust who is an individual, and in relation to any other individual referred to as a potential beneficiary in a document from the settlor relating to the trust such as a letter of wishes—

(i) the individual’s full name;

(ii) the individual’s month and year of birth;

(iii) the individual’s country of residence;

(iv) the individual’s nationality;

(v) the nature and extent of the individual’s beneficial interest,

but if sub-paragraph (b) applies, this information does not need to be provided in relation to the beneficiaries of the trust;

(b) where the beneficial owners include a class of beneficiaries, not all of whom have been determined, a description of the class of persons who are beneficiaries or potential beneficiaries under the trust;

(c) the information specified in paragraphs (i) to (iii) in relation to each of the beneficial owners of the trust who is a legal entity—

(i) the legal entity’s corporate or firm name;

(ii) the registered or principal office of the legal entity;

(iii) the nature of the entity’s role in relation to the trust.

(4) The trustees of a trust to which paragraph (1)(a) or (b) applies must—

(a) if they have a controlling interest in a third country entity, provide the Commissioners with the following information, apart from any information already provided under regulation 45(10G), at the same time as providing the information under paragraph (3)—

(i) the third country entity’s corporate or firm name;

(ii) the country or territory by whose law the third country entity is governed;

(iii) the registered or principal office of the third country entity;

(b) if they acquire an interest in a third country entity after providing the information under paragraph (3), provide the Commissioners with the information specified in this paragraph within [F2 90 days] of the date on which they acquired that interest.

(5) The information required under paragraph (3) must be provided—

(a) on or before [F3 1st September 2022], in the case of a trust which first falls within paragraph (1)(a), (b) or (c) before [F4 4th June 2022];

(b) in any other case, within [F5 90 days] of the trust being set up, or, if later, within [F5 90 days] of the trust first falling within paragraph (1)(a), (b) or (c).

(6) If a trustee becomes aware that any of the information provided to the Commissioners under paragraph (3) or (4) has changed, the trustee must notify the Commissioners of the change within [F6 90 days] of the trustee becoming aware of the change.

(7) The information required under paragraphs (3), (4) and (6) must be provided in such form as the Commissioners reasonably require. ]

Textual Amendments

F1 Reg. 45ZA inserted (6.10.2020) by The Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/991), regs. 1(2), 7(3)

F2 Words in reg. 45ZA(4)(b) substituted (9.3.2022) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (S.I. 2022/137), regs. 1, 4(a)

F3 Words in reg. 45ZA(5)(a) substituted (9.3.2022) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (S.I. 2022/137), regs. 1, 4(b)(i)

F4 Words in reg. 45ZA(5)(a) substituted (9.3.2022) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (S.I. 2022/137), regs. 1, 4(b)(ii)

F5 Words in reg. 45ZA(5)(b) substituted (9.3.2022) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (S.I. 2022/137), regs. 1, 4(c)

F6 Words in reg. 45ZA(6) substituted (9.3.2022) by The Money Laundering and Terrorist Financing (Amendment) Regulations 2022 (S.I. 2022/137), regs. 1, 4(d)