TRSM80010 | Penalties: contents: Introduction

Trustees of trusts within the scope of registration on the Trust Registration Service (TRS) are required to register the trust, and thereafter keep the information held on TRS up to date, within certain time limits set out at TRSM40010.

Failure to register or keep information up to date on time may lead to a financial penalty, as set out in this chapter.

Penalties for failure to register or keep information up to date are imposed under Part 9 of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Trustees will be able to appeal any penalties charged. Details of the appeal process will be set out in any penalty notices issued.