TCBs who are your customers?

In the JFSC November 2014 REVISIONS the TCB Sector specific AML/CFT HANDBOOKS, CONSULTATION PAPER AML 4, 2014, the JFSC outline who the customers will be in 3 distinct service propositions and situations (acting as, providing services and formations) and as follows

Acts

2.4.3.1 In the case of a relevant person that carries on trust company business and acts (is to) as the trustee of an express trust, customers will be

the settlor, protector (if any), beneficiaries with a vested right, and any other beneficiaries and persons who are the object of a power and that have been identified as presenting a higher risk.

2.4.3.2 In the case of a relevant person that carries on trust company business and is to act as the general partner of a limited partnership, customers will be
the limited partners of the partnership.

Services

2.4.3.3 In the case of a relevant person that carries on trust company business and is to provide a service, e.g. registered office, in respect of a limited partnership, the customer will be

the general partner acting for the limited partnership – a third party.

2.4.3.4 In the case of a relevant person that carries on trust company business and is to provide a service to a company, the customer will be

the company.

2.4.3.5 In the case of a relevant person that carries on trust company business and is to provide a service to a foundation, the customer will be

the foundation.

2.4.3.6 In the case of a relevant person that carries on trust company business and is to provide a service to a separate limited partnership, incorporated limited partnership or limited liability partnership, the customer will be

the partnership.

Formation

2.4.3.7 In the case of a relevant person that carries on trust company business and is to form a company, partnership or foundation, the customer will be

the persons who are to be the beneficial owners and controllers of the legal person.