The 5th Money Laundering Directive requires that, when entering into a new business relationship with a trust, ‘obliged entities’ must collect either proof of registration on the trust register or an excerpt of the register – it is for the trustee to download the pdf from the TRS and share the relevant information when it is requested by the obliged entity. The onus is on the trustee to provide this information. 

Once the obliged entity has obtained the excerpt of the register from the trustee, it is then required to collect its own due diligence information in the normal way. If there is any discrepancy between this due diligence information and the information contained on the excerpt from the Register, the obliged entity will be required to report this to HMRC

The government has published guidance and a Trust Registration Service Manual which provides detailed information.

PIMFA have published a Guide for Trustees which member firms can provide to their clients to help them register their trusts.