Read More about fast-id page

Shufti globally launches webinr-icon - a new kind of identity solution!

Shufti globally launches - a new kind of identity solution!

Read more

TRS Requires Trusts to Meet Anti-money Laundering and CTF Compliance.

trs requires

As per the new UK government requirements, anti-money laundering and counter-terrorist financing regulations are essential for trust registration. 

The UK government has standardized the protocols regarding Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations, making them essential for the trust registration process to reduce any possibility of intimidating circumstances. All the trusts that wish to operate in the UK are obliged to get registered with HMRC’s Trust Registration Service (TRS) before 1st September. Money Laundering and Counter Financing of Terrorism compliances are the essentials to have in the trust registration process. 

In the past, the trusts subjected to tax were required to fulfil the registration criteria. As TRS has been in place for some time, the previous condition doesn’t apply anymore. 

1 September 2022 also marked the commencement of Regulation 30A of the MLRs that imposed multiple perspectives of due diligence requirements on the entities involved in financial services regarding trust customers. 

David Hamilton, a financial regulation expert, said, “The extension of the TRS has been a long time coming. The message has started to get through to trustees with a recent FOI request to HMRC, by Canada Life, confirming that 61,692 trusts had been registered in the first six months of 2022. This represents a substantial uplift on registrations in 2021. However, it is estimated that around 1,000,000 trusts need to be registered under the new TRS rules so there is still some way to go.”

HMRC’s stance over the penalties as a response to late registration is that upon first failure to meet the registration deadline, no liability will be issued “unless that failure is due to deliberate behaviour on the part of the trustees.”

Hamilton also warned regarding the regime’s extension that it would add a compliance burden for regulated firms which are in regular business with trusts. 

He stated, “Requirements for firms to prove the trust’s registration under the TRS at the outset of the business relationship can create issues for a firm where, for example, it sells an investment product that is placed into a non-exempt trust. The trustee, whose responsibility it is to register the trust with the TRS, may not know of their obligation to register under the MLRs – which has the potential to create issues for the firm when conducting their customer due diligence.” 

Suggested Read: Senate Reveals a 12-Year-Old Loophole Targeted by Americans to Cheat IRS

Related Posts

News

FCA Fines TJM Partnership Limited £2 Million for Money Laundering

The Financial Conduct Authority has fined the investment firm TJM Partnership Limited £2m for ser...

FCA Fines TJM Partnership Limited £2 Million for Money Laundering Explore More

News

IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC

New Delhi: On Tuesday, June 1st, the Internet and Mobile Association of India (IAMAI), announced ...

IAMAI To Set Up A Board To Ensure Voluntary Compliance With AML & KYC Explore More

News

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes

Bank Negara Malaysia announced additional security measures for financial institutions to strengt...

MBSB Bank to Implement BNM’s Requirements for Combating Financial Crimes Explore More

News

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK

UK’s Financial Conduct Authority (FCA) has called out EU firms operating in the UK to meet their ...

FCA Dismisses Temporary Permissions of 4 EU Firms Operating in the UK Explore More

News

New KYC and AML Compliance May Violate Privacy Laws in South Korea

The South Korean government is considering implementing KYC and AML compliance in the region, but...

New KYC and AML Compliance May Violate Privacy Laws in South Korea Explore More

News

Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures

Swedish gaming authority has fined Kindred, ATG, and PinBet £1.4m, €1.7m, and $1.8m, respectively...

Swedish Gaming Authority Fines Kindred, ATG, and PinBet for AML Failures Explore More

News

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions

Financial institutions faced trade-based money laundering as a new threat since the digitalisatio...

Europol Warns Trade-Based Money Laundering Poses Substantial Threat to Financial Institutions Explore More

News

UK Amends Corporate Act to Combat Economic Crimes

The UK government reformed the Economic Crime and Corporate Transparency Act to expand regulation...

UK Amends Corporate Act to Combat Economic Crimes Explore More

News

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’

The Russian government has banned the new website Bits.media for allegations of promoting illicit...

Russian Government Bans New Crypto Website for ‘Promoting Money Laundering’ Explore More

News

Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering

Dubai courts have issued prison sentences to 9 offenders for money laundering. The Emirates conti...

Dubai Jails 9 and Fines Over Dh15 Million for Money Laundering Explore More

News

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks

LONDON – Global regulators have suggested greater scrutiny of clearinghouses managing trill...

Global regulators propose stricter scrutiny of derivatives clearers amidst deadlock with banks Explore More

News

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow

US Senator Joe Manchin, along with Senators Roger Marshall, Lindsy Graham, and Elizabeth Warren, ...

US Senator Joe Manchin Introduces Digital Asset Anti-Money Laundering Act to Curb Unauthorised Crypto Flow Explore More

News

US Treasury Publishes National Risk Assessments for Financial Crimes

The US Treasury has published the 2022 National Risk Assessments (NRAs) on Money Laundering (NMLR...

US Treasury Publishes National Risk Assessments for Financial Crimes Explore More

News

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports

The civil liberties and economic affairs committees discussed the plan to establish an EU Authori...

MEPs Disclose Plans To Crack Down On Money Laundering – AMLA Reports Explore More

News

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes

China’s top courts are set to impose heavier punishments to prevent financial crimes and mitigate...

Supreme People’s Court of China to Impose Severe Penalties for Financial Crimes Explore More

News

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures

Six banks in the UAE have been issued financial sanctions by the UAE Central Bank for not complyi...

UAE Central Bank Imposes Financial Sanctions on Six Banks for CDD Failures Explore More

News

Betting and Gambling Council Host AML Training for Gambling Industry

During the Gambling Anti-Money Laundering Group (GAMLG) training day on September 6th, the Bettin...

Betting and Gambling Council Host AML Training for Gambling Industry Explore More

News

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing

UAE’s Executive Office to Combat Money Laundering and Terrorist Financing has claimed to collect ...

UAE Issues $1.048 Billion Worth of Fines for Money Laundering & Terrorism Financing Explore More

News

RBI Allows Multinational Banks to Retain Limited Data Abroad for AML Screening

KYC data can be retained in offshore bank branches for the purpose of sanctions and AML screening...

News

Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams

Bank of Ireland has warned clients of a surge in phone calls and text message scams. As per the f...

Bank of Ireland Warns Customers of Rise in Phone Call and Text Scams Explore More

News

Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions

CBUAE issues updated guidance for licenced financial institutions on growing risks of money laund...

Central Bank of UAE Issues Updated Guidance For Licensed Financial Institutions Explore More

News

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering

The EU on Thursday legislates more strict traceability rules for cryptocurrencies transfer, in a ...

EU Legislates Rigid Traceability Rules for Crypto Transfers to Fight Money Laundering Explore More

News

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms

The European Commission has issued a new warning on breaching global trade laws as the EU bans ta...

European Commission Warns of Trade Laws Violation as EU Bans Tax-Haven Crypto Firms Explore More

News

Sydney’s ‘Mini Casino’ Venues Suspected for Money Laundering

Sydney’s 10 “mini-casino” poker venues have been suspected of money laundering activities. Accord...

Sydney’s ‘Mini Casino’ Venues  Suspected for Money Laundering Explore More

News

Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud

Hong Kong Authorities claimed they received over 23,000 complaints against the Dubai-registered c...

Hong Kong Crypto Exchange Platform JPEX Involved in a $178M Fraud Explore More

News

Exchanges in Nigeria to Take Measures Against Crypto Scams

Nigerian cryptocurrency industry is to take strong measures to guarantee a safe trading environme...

Exchanges in Nigeria to Take Measures Against Crypto Scams Explore More

News

Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities

A gang of a Chinese national and 20 other people got arrested by Chandigarh Police. Investigation...

Chandigarh Cyber Cell Unit Arrested Criminals Involved in Overseas Money Laundering Activities Explore More

News

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF

According to the annual report of Basel Index 2020, among the 141 countries, Kazakhstan is at 73r...

Kazakhstan has Improved to Achieve the Lowest Risk Score for ML/TF Explore More

News

13K Affected in Third-Party Data Breach at Anthem MaineHealth

A third-party service provider accessed the database of Anthem MaineHealth and obtained patients’...

13K Affected in Third-Party Data Breach at Anthem MaineHealth Explore More

News

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks

The famous gaming giant, Capcom, is being blackmailed by cyberattackers to pay $11 million bitcoi...

Japanese Gaming Giant Capcom Fell Victim to Cyberattacks Explore More

News

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding

The European Banking Authority (EBA) has issued its final policies on remote customer onboarding ...

European Banking Authority Publishes Final Guidelines on Remote Customer Onboarding Explore More

News

Nigeria: Senate Bans Establishment and Operations of Shell Banks

The Senate is banning the establishment and operations of shell banks in Nigeria as an attempt to...

Nigeria: Senate Bans Establishment and Operations of Shell Banks Explore More

News

EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon

France, Germany, and Luxembourg have seized the properties and frozen assets worth $130 million l...

EU Freezes $130 Million Worth of Assets Linked to Money Laundering in Lebanon Explore More

News

Shufti’s Age Verification Solution Approved by KJM

Germany’s Commission for media, Kommission für Jugendmedienschutz (KJM), has approved Shufti’...

Shufti’s Age Verification Solution Approved by KJM Explore More

News

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto

One year after the Central Bank Nigeria (CBN), imposed a ban on digital currencies, anti-fraud ex...

Anti-Fraud Experts Advise the CBN to Reconsider its Decision to Ban Crypto Explore More

News

Swiss Regulator FINMA Issues DLT Act for Digital Securities Market

The Financial Market Supervisory Authority (FINMA) introduced regulatory amendments for digital s...

Swiss Regulator FINMA Issues DLT Act for Digital Securities Market Explore More

News

Colombian Money Laundering Watchdog Delays Crypto Transaction Reporting Regime

The UIAF has postponed the date for crypto exchanges and individuals to start reporting their tra...

Colombian Money Laundering Watchdog Delays Crypto Transaction Reporting Regime Explore More

News

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog

The new report of MONEYVAL offers a diminishing rebuke across European governments that are unabl...

Pandora Papers Highlight ‘Gatekeepers’ of Black Money, says EU Financial Watchdog Explore More

News

Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back

Hong Kong’s new proposed crypto regulation received Huobi Global’s, a Chinese crypto platform, pl...

Hong Kong’s New Crypto Regulations may Attract Web3 Firms Back Explore More

News

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts

The man suspected of stealing other’s identities to create online gambling accounts has finally b...

Man Arrested For Stealing Identities, Funding 1800 Online Gambling Accounts Explore More

News

Singapore to Strengthen Security Measures Against Phishing Scams

Singapore is taking steps to introduce additional security measures to detect suspicious transact...

Singapore to Strengthen Security Measures Against Phishing Scams Explore More

News

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms

Brian Brooks, Chief Operating Officer of the U.S. Office of the Comptroller of the Currency (OCC)...

US Banking Regulator Advises Federal Licensing Framework for Crypto Firms Explore More

News

Australia sues Facebook for $525 billion

A lawsuit was filed against Facebook by Australia’s privacy regulator, blaming the social media p...

Australia sues Facebook for $525 billion Explore More

News

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank

Lesetja Kganyago, Governor SARB confirms to the Parliament’s standing committee about the i...

Non-Compliant Banks Can End Up In FATF’s Gray list – Warns Governor of the South African Reserve Bank Explore More

News

Russian Financial Authorities Reach Consensus on Crypto Mining Regulation

Russian financial authorities have adopted a common ground on cryptocurrency mining regulation. T...

Russian Financial Authorities Reach Consensus on Crypto Mining Regulation Explore More

News

South Africa Gets the Green Signal for New AML/CTF Laws

South Africa has finally gotten a green signal for new finance laws to address shortcomings ident...

South Africa Gets the Green Signal for New AML/CTF Laws Explore More

News

Bill to Combat Money Laundering Makes Its Way Through The Senate

The US House of Representatives passed the Corporate Transparency Act of 2019 (HR 2513) on Octobe...

Bill to Combat Money Laundering Makes Its Way Through The Senate Explore More

News

AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes

AUSTRAC stated that de-banking is a complex global problem as it multiplies the risks faced by fi...

AUSTRAC Denounces De-banking Practices To Prevent Financial Crimes Explore More

News

BSP Warns Play-to-Earn Gamers about Potential Illicit Activities

Online gaming platforms should employ KYC verification processes to make payments more secure.  T...

BSP Warns Play-to-Earn Gamers about Potential Illicit Activities Explore More

News

FCA Puts its Foot Down Against Money laundering in Banking Sector

Financial Conduct Authority, FCA, is taking action against money laundering in the banking and fi...

FCA Puts its Foot Down Against Money laundering in Banking Sector Explore More

News

Digital Currency ‘Sand Dollar’ Launched by the Bahamas

The Central Bank of the Bahamas (CBOB) has introduced a digital version of the Bahamian dollar, s...

Digital Currency ‘Sand Dollar’ Launched by the Bahamas Explore More

News

New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI

Introduction of new variations in Business Email Compromise scams netted $43 Billion in losses ca...

New Variations in Business Email Compromise Accounted for Losses of $43 Billion, Says FBI Explore More

News

Chinese regulators extend financial support to bring Hong Kong, Macau closer

China’s financial regulators revealed an extensive plan to ease investments and cross-border tran...

Chinese regulators extend financial support to bring Hong Kong, Macau closer Explore More

News

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries

Thousands of fake vaccination certificates are being sold on the dark web, and through the messag...

Fake Vaccination Certificates Becoming a Full-blown Industry in 29 Countries Explore More

News

Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai

Prosecutors have uncovered a money laundering scheme dubbed “The Shadow Exchange” worth USD 12 mi...

Feds Uncover $12M Money Laundering Operation Between U.S. and Dubai Explore More

News

DC is the Latest State to Sue Juul over Targeting Minors

The District of Columbia is now the latest state to sue c-cigarette maker, Juul Labs, saying the ...

DC is the Latest State to Sue Juul over Targeting Minors Explore More

News

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months

China has passed a law to prevent telecom and online scams, allowing enforcement agencies to foll...

China’s Fight Against Rampant Telecom Scams – Cracked 5,94000 Cases in Just 15 Months Explore More

News

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks

The European Parliament’s main political group called for a review of Switzerland’s banking pract...

EU Parliament to Consider Black-Listing Switzerland After Credit Suisse Leaks Explore More

News

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance

AUSTRAC has called for the audit of three entities under the Bell Financial Group, including Bell...

AUSTRAC to Audit Three Bell Financial Group Entities to Evaluate AML/CFT Compliance Explore More

News

UBS to Restrict Credit Suisse Bankers After Takeover

The bankers of Credit Suisse (CSGN.S) will be subjected to tighter regulations introduced by UBS ...

UBS to Restrict Credit Suisse Bankers After Takeover Explore More

News

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities

FINMA, SFC, and MAS fined multiple financial institutions over $1.5 billion for not complying wit...

FINMA, SFC, and MAS Fine Multiple Financial Institutions Over $1.5 Billion For Money Laundering Activities Explore More

News

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs

The UK’s Financial Conduct Authority has ordered crypto firms operating illegally in the country ...

UK FCA Orders Illegal Crypto Service Providers to Shut Down ATMs Explore More

News

$196M Lost in BitMart Hack, Crypto Analysts Warn More Will Come

BitMart, one of the world’s largest cryptocurrency exchanges, lost $196 million in a recent...

$196M Lost in BitMart Hack, Crypto Analysts Warn More Will Come Explore More

News

FATF Points Out Jurisdictions with Inadequate AML/CFT Measures

After the Financial Action Task Force issued public statements regarding updates to its lists of ...

FATF Points Out Jurisdictions with Inadequate AML/CFT Measures Explore More

News

UK’s Regulatory Agencies not Coming Slow Against Money Laundering

HM Revenue & Customs carried out an extensive investigation on the UK’s real-estate agencies ...

UK’s Regulatory Agencies not Coming Slow Against Money Laundering Explore More

News

Travel and Leisure Industry is at Peril of Facing Data Breach

The travel and leisure industry is already facing a difficult time right now, they do not need to...

Travel and Leisure Industry is at Peril of Facing Data Breach Explore More

News

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors

Digital currency exchanges in Hong Kong will be obliged to apply for a license prior to offering ...

Hong Kong Licenses Crypto Exchanges, Limiting Services to Professional Investors Explore More

News

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions

The leading provider of digital transformation and client lifecycle management (CLM) solution, Fe...

KYC/AML and Sanctions fines reach $5.6 billion mid-year for global financial institutions Explore More

News

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities

Letitia James, Newyork’s Attorney General, has sent a clear message to the entire crypto industry...

NY’s Attorney General Warns the Crypto Industry Against Illicit Activities Explore More

News

Canada’s Anti-Money Laundering Crackdown Gets Support From Coalition

The Canadian government has swiftly responded to a call for action from an alliance of organizati...

Canada’s Anti-Money Laundering Crackdown Gets Support From Coalition Explore More

News

US Sanctions Russian Crypto Firm Over Ransomware Payments

Suex, a Russian crypto OTC broker, was involved in facilitating ransomware payments and has been ...

US Sanctions Russian Crypto Firm Over Ransomware Payments Explore More

News

UAE to be Removed from FATF Gray List in 2024

The UAE’s Minister of State for Foreign Trade and chairman of the Emirates Bullion Committee hope...

UAE to be Removed from FATF Gray List in 2024 Explore More

Take the next steps to better security.

Contact us

Get in touch with our experts. We'll help you find the perfect solution for your compliance and security needs.

Contact us

Request demo

Get free access to our platform and try our products today.

Get started