From 1 April 2008, professional trustees, such as those statutorily appointed as an independent trustee of a pension scheme, will be under a duty to register with HM Revenue and Customs (HMRC) as a result of new money laundering regulations. The purpose of the register is to give HMRC the ability to verify that firms have adequate money laundering procedures and controls in place. Professional trustees that fail to comply with the new requirements risk financial penalties or imprisonment.

View the HMRC Money Laundering Regulations 2007 (10.4kb)(pdf)