Section 6Part 1 — Trusts Act
Obligations of trustees
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A trustee shall maintain and keep up to date, for such period and in such manner as may be prescribed , an accurate record of the identity and particulars of —
a settlor;
a contributor to the trust;
a beneficiary;
a protector;
an enforcer of the trust;
a service provider to the trust, including any investment adviser, manager, accountant or tax adviser; and
the person exercising ultimate effective control of the trust.
A trustee shall maintain and keep up to date, for such period and in such manner as may be prescribed, accounting records relating to the trust as may be prescribed.
Where a person acting in the capacity as a trustee of a trust forms a business relationship or enters into a one-off transaction with a person conducting relevant financial business as defined by section 2(1) of the Proceeds of Crime Act (2020 Revision), t he trustee shall —
before or at the time the business relationship is formed; or
before or at the time the transaction is entered into, take reasonable steps to inform the person conducting relevant financial business as defined by section 2(1) of the Proceeds of Crime Act (2020 Revision) that the trustee is acting in the capacity as a trustee of the trust.