HMRC has issued updated guidance on reporting a trust discrepancy to reflect changes made to the principal money laundering regulations by SI 2022/860 which came into force on 1 April 2023.
A relevant person must now ask for a trust’s proof of registration when either:
a trustee or agent of the trust approaches them to set up a new business relationship; or
as part of ongoing monitoring, they are required to check the details of trusts with which they have an existing business relationship.
A report should be submitted to HMRC if either:
there is a material discrepancy between information the person holds about the trust and the equivalent details on the proof of registration; or
the trust is not registered with HMRC, the relevant person thinks it should be, and the matter cannot be resolved with the trust.
A material discrepancy happens when the relevant person both:
holds information about a trust that is significantly different from the proof of registration given by the trustee or agent; and
reasonably believes the discrepancy has occurred from money laundering, terrorist financing or concealing the business of the trust (whether deliberately or by accident).
HMRC has issued updated guidance on reporting a trust discrepancy to reflect changes made to the principal money laundering regulations by SI 2022/860 which came into force on 1 April 2023.
A relevant person must now ask for a trust’s proof of registration when either:
a trustee or agent of the trust approaches them to set up a new business relationship; or
as part of ongoing monitoring, they are required to check the details of trusts with which they have an existing business relationship.
A report should be submitted to HMRC if either:
there is a material discrepancy between information the person holds about the trust and the equivalent details on the proof of registration; or
the trust is not registered with HMRC, the relevant person thinks it should be, and the matter cannot be resolved with the trust.
A material discrepancy happens when the relevant person both:
holds information about a trust that is significantly different from the proof of registration given by the trustee or agent; and
reasonably believes the discrepancy has occurred from money laundering, terrorist financing or concealing the business of the trust (whether deliberately or by accident).
