Changes to our Trust process for new and existing customers
20 March 2023From 1 April 2023, under Money Laundering regulations, we are obligated to obtain proof of Trust Registration documentation for new and existing customers as part of ongoing due diligence.
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We’re required to validate the Trust information held on the Trust Registration Service matches our records and are obligated to report any discrepancies to HMRC.
From 1 April 2023, there will be a change to the process for setting up new Trust customers along with a change to the process for existing Trust customers who wish to make a withdrawal or changes to the policy.
To allow abrdn and you to comply with these obligations we’re required to make these changes to our processes:
- New Trust customers
You must provide a PDF excerpt from the Trust Registration Service as part of the Trusts sign up process accounts will not be activated without this document. Our beneficial ownership forms, which are already required to be completed as part of the sign-up process, have been updated with further information. The PDF excerpt should be updated to the document library.
- Existing Trust customers – Processing a Withdrawal or making changes to policies
You must request the PDF excerpt from the Trust Registration service from your customer prior to making changes or withdrawing a customers’ assets from the Platform. The details on the Trust Registration Service must match the platform and abrdn must be advised if there are discrepancies. We may request evidence of the Trust Registration Service document in the future.
Beneficial Ownership form – Wrap