Sole practitioners and firms who provide only professional trustee services limited to employee share schemes and “low risk” trusts such as occupational pension schemes will not be considered Trust or Company Service Providers (TCSPs) and therefore will not be required to register. This means that the vast majority of pension scheme trustees will not need to register for the purposes of money laundering.
In March 2008 we published our client briefing entitled “New money laundering registration requirements for pension trustees”. In that briefing, we noted that HM Revenue and Customs (HMRC) had introduced new registration requirements for trustees “acting by way of business” following the coming into force of the Money Laundering Regulations 2007 on 15 December 2007.
The original deadline for trustees to register with HMRC as a Trust or Company Service Provider (TCSP) was 1 April 2008 which was then extended to 31 May 2008 and again to a minimum of four weeks from the date on which HMRC published new guidance.
The new guidance has now been published and can be viewed at the link below. The guidance specifically recognises that occupational pension schemes are a low risk area. HMRC is due to contact any trustees, who have already applied to register and who do not need to do so, by
19 August 2008. Any fees paid by registered trustees who do not need to comply with the money laundering registration requirements will be refunded.
View HMRC’s updated guidance.