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 鈥榬elevant person鈥�. 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 鈥榦bliged entities鈥�, because of the obligations imposed on them by the Money Laundering Regulations.