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A trust is an arrangement where a person (the settlor) gives money or property to another person (the trustee), to be held in trust for the benefit of either the trust’s beneficiaries, or a purpose recognised by law. The AML/CFT customer due diligence: trusts fact sheet should be read in conjuction with the beneficial ownership guideline.
PUBLIC TRUST is an AML reporting entity
Trust Investments Management Limited is an AML reporting entity
PERPETUAL TRUST LIMITED is an AML reporting entity
SENIOR TRUST CAPITAL LIMITED is an AML reporting entity
This guideline is intended to support reporting entities1 to conduct customer due diligence (CDD) under the Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 (the Act) on their customers who are trusts.
The following is a response made by the AML/CFT supervisors to a query questioning whether a trust can be a customer for the Act’s purposes. This clarification is supplemental to the Trusts Fact Sheet: