Page 15 - Nexia SAB&T Trust Guide 2024

(b) if applicable, register trust property, or keep it registered so as to
make it clear that it is trust property;
(c) make any account or investment at a financial institution identifiable
as a trust account or trust investment;
(d) make any other property that does not fall into any of the above-
named categories, identifiable as trust property in the best possible
manner.
(e) The Amendment Act adds an additional requirement, by adding a
paragraph (e) which provides that a trustee is required to record the
prescribed details (still to be prescribed at the date of publication
hereof) relating to accountable institutions which the trustee uses
as agents to perform any of the trustee’s functions relating to trust
property, and from which the trustee obtains any services in respect
of the trustee’s functions relating to trust property [** see page
18 for penalties and offences relating to non-compliance of this
section].

The Regulations provide for the trustees to record the details of
accountable institutions as contemplated in section 11(1)(e) – these
include any accountable institution listed in Schedule 1 of the
Financial Intelligence Act, used by trustees to perform any of their
functions relating to trust property.

■ The insertion of a new definition of ‘‘beneficial owner’’ of a trust
■ the new definition reads as follows:
‘beneficial owner’, in respect of the provisions of a trust instrument,
means—
(a) a natural person who directly or indirectly ultimately owns the
relevant trust property;
(b) a natural person who exercises effective control of the administration
of the trust arrangements that are established pursuant to a trust
instrument;

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