1. What does your role as a trust compliance officer involve?

I act as a point of contact both internally and externally to assist trustees with different compliance regimes. I help trustees review their trusts, on a regular basis, to ensure the trusts are completing the relevant reporting and due diligence requirements, depending on the type of trust.

My role also involves completing the trust reportings under the Trust Registration Service (TRS), Automatic Exchange of Information (AEOI), Register of Persons Holding a Controlled Interest in Land and Register of Overseas Entities.

2. What kind of support do you offer to trustees?

Brodies can offer Corporate Trustee Services and Agency Services, meaning we can complete the compliance reporting and due diligence procedures on behalf of trustees.

By way of example, trustees are required to consider the trust's classification for AEOI purposes and, depending on its classification, collect self-certification forms for beneficial owners and beneficiaries, to determine whether or not a trust must carry out AEOI reporting by 31 May each year.

A trustee must remember to update the Trust Register within 90 days of a change of circumstances to the trust's details and complete an Annual Declaration under TRS for taxable trusts by 31 January each year.

I can carry out the due diligence procedures and reportings on behalf of the trustees, so that they do not need to worry about missing any trust compliance deadlines.

3. Why is it important for trustees to keep up to date with trust compliance?

Trustees have a duty to ensure the trusts they manage adhere to anti-money laundering regulations and compliance procedures. If trustees fail to carry out regulatory reporting, they can be fined. Fines may also be issued for late filings and for reporting incorrect information.

At Brodies, we can keep the trustees up to date on new compliance regimes, so that they are always aware and compliant with the latest regulations.

4. How can your expertise help clients avoid common pitfalls?

Trusts have been subject to several new compliance regulations over the last decade and existing compliance regimes have also evolved over the years. Both taxable and non-taxable trusts are affected by the compliance regulations in different ways.

Some reports need to be completed on an annual basis, whilst others are completed following a change of circumstances. By overseeing the trust administration, Brodies can help trustees keep on top of current and new reporting requirements, to avoid penalties for late filings or non-compliance.

5. How can someone get in touch to learn more about this service?

If you have questions about trust compliance, please do not hesitate to get in touch with Sarah Bell or a member of the personal law team.

Contributor

Sarah Bell

Trust Compliance Officer