Where standard verification is undertaken with respect to a trust, the following “Client Information” will be requested from the Client contact (see Client contact):
Documentation (e.g. Trust Deed, or letter from a solicitor) confirming the following details:
Trust name
Date of trust settlement
Country of establishment (if applicable)
Address of trust administrator
Type of trust, i.e. discretionary, testamentary, bare, charitable
Settlors
Trustees
Protectors (if any)
Guardians (if any)
Appointors
Beneficiaries (including class, if applicable)
Relationship to client (if not the client), e.g. shareholder
In addition, client verification (see Client verification) will be initiated with respect to:
any beneficial owners (see Beneficial owners); and
any individuals purporting to act on that trust’s behalf (see Individuals acting on behalf)
Where enhanced verification is undertaken with respect to a client that is a trust, the standard verification process (above) will be initiated with the following addition:
Source of Wealth or Source of Funds (see Source of Wealth) for the client will be requested
Where simplified verification is undertaken with respect to a client that is a trust, the standard verification process (above) will be initiated with the following exception:
client verification (see Client verification) will not be initiated with respect to any beneficial owners (see Beneficial owners)