To successfully complete the KYC (Know Your Customer) verification process for a Trust, it is crucial to gather all the necessary information before starting the application. This ensures a smooth verification process, reduces delays, and helps maintain regulatory compliance. For Trusts, the required information focuses on identifying the trust itself, the trustees, beneficiaries, and other associated individuals.

Why You Need the Information on Hand:

• Accuracy and Efficiency: Having the correct details ready from the outset ensures that you can complete the KYC process efficiently, avoiding rejections or delays.

• Regulatory Compliance: TapaPay needs specific details about the Trust to comply with financial regulations, such as anti-money laundering (AML) laws. Providing accurate and complete information upfront is key to meeting these regulatory requirements.

• Prevention of Delays: Missing or incomplete information about the Trust and its associated individuals can lead to significant delays in account approval. Preparing everything beforehand allows for a seamless KYC process.

What Information You Need to Prepare:

As a legal entity Trust, you will need to provide the following information before starting the KYC process:

1. Trust Name

• Description: The full legal name of the Trust.

• Example: "The Father Ted Charity Trust".

2. Trust Registration Number

• Description: The registration number of the Trust, provided by the relevant governing body.

• Example: "TR123456" (if applicable).

3. Country of Establishment

• Description: The country in which the Trust was legally established.

• Example: "GB" (United Kingdom) or "IE" (Ireland).

4. Trustees’ Details

• You will need to provide the personal details of all trustees. Each trustee will need to provide:

• Full Legal Name:

  • Description: The trustee’s full name, including both first and last name.

  • Example: "John Smith".

• Date of Birth:

  • Description: The trustee’s birthdate, used to verify their identity.

  • Example: "01-05-1980".

• Nationality:

  • Description: The country where the trustee holds citizenship.

  • Example: "GB" (United Kingdom).

• Residential Address:

  • Description: The trustee’s home address, including:

    • Street Address (e.g., "10 Downing Street").

    • City (e.g., "London").

    • Postal Code (e.g., "SW1A 2AA").

    • Country (e.g., "GB" for the UK).

• Identification Document:

  • Description: The trustee’s ID document (e.g., passport, driver’s license) with details such as:

    • ID Number (e.g., "P987654321" for a passport).

    • ID Type (e.g., Passport).

    • Document Attachment: A scan of the document (e.g., "passport_scan.pdf").

    • Issuer State (e.g., "GB").

• Email Address:

  • Description: The trustee’s email address.

  • Example: "[email protected]".

• Phone Number:

  • Description: The trustee’s phone number.

  • Example: "+44 7911 123456".

5. Beneficiary Information

• The beneficiaries of the Trust also need to be identified. For each beneficiary, you will need to provide:

• Full Legal Name:

  • Description: The beneficiary’s full name.

  • Example: "Jane Smith".

• Date of Birth:

  • Description: The birthdate of the beneficiary.

  • Example: "09-12-1985".

• Nationality:

  • Description: The country of citizenship.

  • Example: "GB".

6. Source of Funds

• Description: The type of income or revenue that is funding the Trust.

• Example: "Investment income" or "Real estate income".

7. Bank Account Information

• The Trust will need to provide its bank details for verification. This includes:

• Bank Type:

  • Description: The type of bank account.

  • Example: "Current".

• Account Number:

  • Description: The Trust’s bank account number.

  • Example: "87654321".

• Sort Code:

  • Description: The sort code for UK-based bank accounts.

  • Example: "20-00-00".

• IBAN:

  • Description: The International Bank Account Number for international transfers.

  • Example: "GB29NWBK60161331926819".

• Bank Name:

  • Description: The name of the bank where the account is held.

  • Example: "Barclays".

8. Tax Information

• You will need to provide the tax details for the Trust and any associated individuals:

• Tax Number:

  • Description: The tax identification number for the Trust or individual trustees.

  • Example: "GB123456789".

• Tax Country:

  • Description: The country where the Trust or trustees are tax residents.

  • Example: "GB" (United Kingdom).

• Tax Type:

  • Description: The type of tax identification number, such as UTR (Unique Taxpayer Reference) for UK entities.

  • Example: "UTR Number".

Why Preparation is Essential:

• Faster Processing: By gathering all required information for the Trust and its associated individuals beforehand, you can ensure the KYC process proceeds smoothly and quickly.

• Regulatory Compliance: Trusts are subject to rigorous scrutiny under anti-money laundering regulations. TapaPay needs all relevant details to verify the Trust’s legitimacy and meet regulatory requirements.

• Avoid Delays: Missing or incorrect information can delay the KYC process. Being prepared ensures that the Trust’s account is approved efficiently, allowing business operations to continue without interruption.