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Background to the trust registration service

HMRC’s online trust registration service (TRS) is stated to have been designed to implement the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), as well as to support the digital direction of HMRC and general tax transparency going forwards.

This legislation forms part of the UK’s overall anti-money laundering and counter-terrorist financing regime and came into force on 26 June 2017 to give effect to the EU’s Fourth Anti-Money Laundering Directive (4MLD).

The EU Fifth Anti-Money Laundering Directive (5MLD) was published in the EU official journal on 19 June 2018 and came into force on 9 July 2018. Following a consultation period, the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020 came into force partly on 6 October 2020, partly on IP completion day and 6 April 2021 and fully on 10 March 2022.

HMRC provided information and guidance on the TRS