VI. Adequate, accurate and up-to-date information
17. Do you see any concerns with the suggested requirements?
OO welcomes the suggested requirements, but has concerns that unless trusts are centrally registered and their legal validity be contingent on registration, there will be significant challenges in ensuring the information is adequate, accurate and up-to-date.
18. In addition to trustees, who could play a role in the verification of BO information in the context of legal arrangements?
Financial institutions (FIs) and designated non-financial businesses and professions (DNFBPs) should play a complementary role in verifying the BO of legal arrangements, as they are already required to establish the BO of legal arrangements as part of Recommendation 10. The definition of the BO of legal arrangements should be clarified (see answer to question 7) and harmonised with the definition in Recommendation 10. Registry authorities should have the primary responsibility for verification, as they already have access to relevant and reliable documents, data and information.
19. Can the notion of “independently sourced/obtained documents, data or information” in the definition of accurate information pose any issues for the private sector and, if so, how?
The private sector already verifies information using independently sourced/obtained documents, data or information for both legal entities and arrangements (for example, identities). Where this is not available, it seems unfeasible for the private sector to source or obtain this type of information. A central register of trusts, including information on the conditions to the trust (for example as specified in a trust deed) available to competent authorities, FIs and DNFBPs, would become a useful resource, and a reference dataset that information can be checked against.