Document ID: chunk:federal_register_of_legislation:F2024C01198:body:0:p30
Version: federal_register_of_legislation:F2024C01198
Segment Type: other
Provision Reference: 
Character Range: 82299–85202

program must include a procedure for the reporting entity to collect, at a minimum, the following KYC information about a customer:

        (1) the full name (if any) of the trust;

        (2) the full business name (if any) of the trustee in respect of the trust;

        (3) the type of the trust;

        (4) the country in which the trust was established;

        (5) the full name of the settlor of the trust, unless:

             (a) the material asset contribution to the trust by the settlor at the time the trust is established is less than $10,000; or

       (b) the settlor is deceased; or

             (c) the trust is verified using the simplified trustee verification procedure under paragraph 4.4.8 of these Rules; or

             (d) the customer is either:

              (A) a custodian; or

             (B) a nominee of a custodian.

             Note:  'Custodian' and 'nominee of a custodian' are defined in paragraph 4.4.19 of these Rules.

        (6) if any of the trustees is an individual, then in respect of one of those individuals – the information required to be collected about an individual under the applicable customer identification procedure with respect to individuals set out in an AML/CTF program;

        (7) if any of the trustees is a company, then in respect of one of those companies – the information required to be collected about a company under the applicable customer identification procedure with respect to companies set out in an AML/CTF program; and

        (8) if the trustees comprise individuals and companies then in respect of either an individual or a company – the information required to be collected about the individual or company (as the case may be) under the applicable customer identification with respect to the individual or company set out in an AML/CTF program.

    4.4.4 An AML/CTF program must include appropriate risk‑based systems and controls for the reporting entity to determine whether, in addition to the KYC information referred to in paragraph 4.4.3, any other KYC information relating to the trust's existence will be collected in respect of a trust.

    4.4.5 An AML/CTF program must include a procedure for the reporting entity to verify, at a minimum:

        (1) the full name (if any) of the trust;

        (2) if any of the trustees is an individual, then in respect of one of those individuals – information about the individual in accordance with the applicable customer identification procedure with respect to individuals set out in an AML/CTF program;

        (3) if any of the trustees is a company, then in respect of one of those companies – information about the company in accordance with the applicable customer identification procedure with respect to companies set out in an AML/CTF program;

        (4) if the trustees comprise individuals and companies then in