Client intake Current
Requesting trust deed and trustee details from a trust client
A practical checklist for onboarding a trust client.
Trust clients generally need different identity evidence to individuals or companies, because the legal customer is the trust itself, acting through its trustee. This guide sets out a practical approach to trust intake. It is general information, not legal or compliance advice.
Action plan
1 Request the trust deed The trust deed is the foundation document for understanding the trust's structure.
The trust deed sets out how the trust operates, who the trustee is, and generally who the beneficiaries are. Ask for the current, executed trust deed and any deeds of variation that have amended it, rather than relying on a summary from the client.
- Request the current, executed trust deed
- Ask whether any deeds of variation exist, and request those too
- Confirm the trust's full legal name and type (for example discretionary, unit, or testamentary)
Done when: The current trust deed, and any variations, have been requested and received
AUSTRAC: overview of customer due diligence2 Identify the trustee Confirm who the trustee is, and identify them the way you would identify that kind of client.
A trustee can be an individual or a company. Identify the trustee using the same approach you would use for that kind of client on its own: individual identity documents for an individual trustee, or company formation documents and beneficial ownership for a corporate trustee.
- Confirm whether the trustee is an individual or a company
- Apply individual identity checks if the trustee is a person
- Apply company formation and beneficial ownership checks if the trustee is a company
Done when: The trustee has been identified and verified appropriately for their type
See requesting identity documents from an individual client3 Confirm authority to instruct and who the beneficiaries are Check the trustee has authority to act, and understand who the trust's beneficiaries are.
The trust deed generally sets out the trustee's powers and who may give instructions on the trust's behalf. Confirm this before accepting instructions, and note who the trust's beneficiaries are, since this may affect how your firm's due diligence needs to be applied.
- Confirm the trustee's authority to instruct against the trust deed's own terms
- Note who the trust's beneficiaries are, where the deed identifies them
- Document the trust structure so it can be reviewed later
Done when: The trustee's authority to instruct has been confirmed and the trust structure is documented
AUSTRAC: overview of customer due diligence