Trusts


Definition of a trust

Here a trust refers to an inter vivos trust, that is, a trust established and in operation while the founder is still alive.

Trusts that are excluded from these requirements are those established:

  • by virtue of a testamentary writing;
  • by virtue of a court order;
  • in respect of persons under curatorship; and
  • by the trustees of a retirement fund in respect of benefits payable to the beneficiaries of that retirement fund.

Information needed

Acceptable verification documents

Identification

  • Identifying name
  • Identifying number
  • List of named beneficiaries
  • List of authorised trustees
  • Trust deed or other founding document in terms of which the trust was created.
  • Trust deed or other founding document - it is noted that if beneficiaries are not named in the trust deed, information pertaining to how the beneficiaries are determined must be recorded.
  • The authorisation given by the Master's Office to each trustee to act in that capacity (Section 7 of the Trust Property Control Act). In the case of a foreign trust an official document issued by an authority in the relevant country where the trust is created that reflects these particulars should be supplied.
  • List of authorised trustees
  • The authorisation given by the Master's Office to each trustee to act in that capacity (Section 7 of the Trust Property Control Act). In the case of a foreign trust an official document issued by an authority in the relevant country where the trust is created that reflects these particulars should be supplied.

Address

  • Address of the Master's office where the trust is registered

As per authorisation given to the trustees above.

Profiling information (only for new customers)

  • Source of income
  • Source of funds that the customer expects to use in concluding transactions in the course of the business relationship
  • Type of activity that we can expect on the account

No verification documents are currently required.



Trustees

All trustees must be identified as per the mandatory information for the category of customer within which they fall.

Beneficiaries

All named beneficiaries must be identified as per the mandatory information for the category of customer within which they fall.

Authorised signatories

All authorised signatories must be identified as per the mandatory information for individual customers.

Settlor/founder

The founder or settlor of the trust (the provider of the funds) must be identified as per the mandatory information for the category of customer within which they fall.

Persons who act on behalf of a trust

  • They must be identified and verified as per the mandatory information for individual customers.
  • Written confirmation that the person has authority to act on behalf of the trust is needed.


For individual related parties

  • No residential address verifications are required
  • No profiling information is required
  • Contact details is an additional requirement.


For corporate related parties

No profiling information is required.

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