Under the 5th Money Laundering Directive, virtually all existing Express Trusts and most new UK Trusts must be registered with the UK Trust Registration Service (TRS) by 1 September 2022. This includes Trusts that were in existence on 6 October 2020, even if they have already come to an end before the deadline.
Failure to register Trusts could put Trustees at risk of financial penalties. New Trusts created from 1 September 2022 must be registered within 90 days and any changes to Trust details must be registered within 90 days of the change.
We are contacting clients in relation to any active retainers to advise of the TRS requirements, however where we have no active retainer, unfortunately, this has not been possible.
If you have a Trust in place, please ensure that you are aware of the new requirements and comply with any registration requirements. Further information about the TRS requirements, and details of how to register, can be found at: www.gov.uk/guidance/register-a-trust-as-a-trustee
