TRSM24020 | Types of trust that need to be registered: non-UK trusts entering a business relationship: contents: relevant persons

A business relationship is a business, professional or commercial relationship between the trustees and a UK ‘relevant person’. The relationship must be connected to the business of the relevant person.

A relevant person is one of the following organisations:

• credit institutions

• financial institutions

• auditors

• insolvency practitioners

• accountants

• tax advisers

• legal professionals

• trust or company service providers

• estate agents

• letting agents

• high value dealers

• casinos

• art market participators

• cryptoasset exchange providers

• custodian wallet providers.

These organisations are described as UK relevant persons if:

• the registered or head office is located in the UK and the day-to-day management of the business is the responsibility of that office or another UK office; or

• the business in question is carried out in the UK.

Note that relevant persons are sometimes referred to as ‘obliged entities’, because of the obligations imposed on them by the Money Laundering Regulations.