Summary


This article will outline how First AML verify Unit Trusts under Australian, New Zealand, and United Kingdom AML legislation. 


*ID&V = Identity Verification (Identify & Verify)



TABLE OF CONTENTS





Australia


Who do we verify?


  1. Trustee
              i. Must ID&V all individuals
              ii. If non-individuals must ID&V all directors or equivalent of that entity
  2. Professional Trustee Company - Verify Directors + Shareholders (25%+)
  3. Private Trustee Company - Verify Directors & Shareholders (25%+) 
  4. Unit Holders: 
    1. Must ID&V all unitholders >25%

    2. If non-individuals, must ID&V all directors & shareholders of that entity

    3. If a unitholder is another Trust, ID&V as per Trust entity.

  5. Appointor/Protector/Guardian
    1. If the Appointor/Protector/Guardian has power to add and remove Trustees, then must ID&V them. 

  6. Non-beneficially held shares

    • Verify the identity of both the shareholder and the ultimate beneficial owner. 


  7. Settlor
     i. Only verify if they have power to appoint or if settlement sum > $10,000





What do we collect?


  1. Full name, type of trust, address, registration number if applicable.
  2. Certified Copy of Trust Deed and any amendments
    i. If Trust Deed cannot be provided, please collect a letter from the lawyer/accountant confirming the trust details in the left hand column.
  3. Certified Copy of the unitholder register (or equivalent document) showing the current unitholders and their portion of investment.
    i. If no unitholder register, confirmation from end user that the current Unitholders are as per Trust Deed






New Zealand & United Kingdom



Who do we verify?


  1. Trustee
              i. Must ID&V all individuals
              ii. If non-individuals must ID&V all directors or equivalent of that entity
  2. Professional Trustee Company - Verify Directors
  3. Private Trustee Company - Verify Directors & Shareholders (>25%) 
  4. Unit Holders: 
    1. Must ID&V all unitholders >25%

    2. If non-individuals, must ID&V all directors & shareholders of that entity

    3. If a unitholder is another Trust, ID&V as per Trust entity.

  5. Appointor/Protector/Guardian
    1. If the Appointor/Protector/Guardian has power to add and remove Trustees, then must ID&V them. 

  6. Non-beneficially held shares

    • Verify the identity of both the shareholder and the ultimate beneficial owner. 


  7. Settlor
     i. Only verify if they have power to appoint or if settlement sum > $10,000





What do we collect?


  1. Full name, type of trust, address, registration number if applicable.
  2. Copy of Trust Deed and any amendments
    i. If Trust Deed cannot be provided, please collect a letter from the lawyer/accountant confirming the trust details in the left hand column.
  3. Copy of the unitholder register (or equivalent document) showing the current unitholders and their portion of investment.
    i. If no unitholder register, confirmation from end user that the current Unitholders are as per Trust Deed