The Money Laundering Regulations require you to appear on HMRC’s Trust and Company Service Provider (TCSP) Register if you are carrying out any trust and company services work.
In order to maintain the register, ICB informs HMRC of all TCSPs that we supervise. Practices that are not on the register are not permitted, under the MLRs, to provide TCSP work.
If you perform TCSP work when not on the register, you may be subject to disciplinary action.
What is a Trust and Company Service Provider (TCSP)?
Under the Money Laundering Regulations a trust or company service provider is any company or sole practitioner whose business is to:
- form companies or other legal persons
- provide a registered office, business address, correspondence address, administrative address for a company, partnership, other legal person or arrangement
- act or arrange for another person to act as a:
- director or secretary of a company
- partner (or in a similar position) for other legal persons
- trustee of an express trust or similar legal arrangement
- nominee shareholder for another person, unless the other person is a company listed on a regulated market which is subject to acceptable disclosure requirements
Further guidance on TCSP work
Arranging for someone to act
Arranging for someone to act in a particular capacity has a narrow meaning. An example would be if you provided a client with a company director, selecting them without further reference back to your client and completing some or all of the formalities to appoint them.
It does not include the normal process of headhunting or advertising to find a suitable candidate for a position that a recruitment agency would carry out.
You are a director if you:
- are appointed as a director and your name is on the register at Companies House, whether or not you appear on the register of people with significant control
- act as a shadow director by being a person in accordance with whose directions or instructions the directors of the company are accustomed to act
You’re not covered by the rules if you’re only called a director as part of your job title, unless covered by either of the above points.
If you would like to discuss your TCSP status with us, please contact email@example.com