Although off-subject, with regards to KYC most countries using trusts subject them to the same AML rules as banks. For the UK, updated guidance from her gracious Majesty’s HMRC issued in 2017 is very clear on that. See keyword 5MLD as amended for Brexit for the current requirements. Trust law not including the same elements as banking KYC is currently an outdated and erroneous statement.
US case law has not gotten that far yet however it is the obligation of the trustee to ensure that the trust is not being set up to carry an activity in the contravention to the law.
Well, wouldn’t it be a terrible loss to mankind if we had " currently an outdated and erroneous statements" appearing on EuroGA.
Even though
US case law has not gotten that far yet
which makes this “outdated and erroneous statement” irrelevant.
I suspect this part of human endeavour has survived bigger challenges, over the decades…
Someone sent me these PDFs from the US, relating to the woman who used to run AGC. It looks like there was some pretty dodgy stuff going on there, with no bearing on the general issue of N-reg trusts
Onalaskindictment_pdf
2021_02_26_Mercer_OCDETF_pdf
WFAA_Article_pdf
