ARTICLE · 20 FEBRUARY 2008

Money Laundering Regulations 2007: Compliance Issues For Trustees

Hammonds

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New anti-money laundering regulations came into force in December 2007 which will affect businesses (including firms and sole practitioners) that provide trustee services.

United KingdomGovernment, Public Sector

Jay Doraisamy

New anti-money laundering regulations came into force in December 2007 which will affect businesses (including firms and sole practitioners) that provide trustee services. Unless the business is supervised by the Financial Services Authority or another designated professional body (such as the Law Society), a pension scheme trustee business will need to register with HM Revenue & Customs (HMRC). Registration enables HMRC to check that firms and individuals have appropriate anti-money laundering controls in place and can continue to provide trustee services. Existing businesses must have applied to be registered by 1 April 2008. New businesses must register before beginning to provide trustee services.

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