C19 - Trust And Company Administration Flashcards
Trust and company admin
Appointed as authorised signature to bank account Book keeping Prep accounts Prep correspondence Prep bank reconciliation Prep mins and written resolutions
Trust admin
Loads with client/legal advisors to prep trust doc Distributions Loans to beneficiaries Prep docs to add/remove beneficiaries Monitor receipt of income
Company admin
Prep and submit comp formation doc Stat filing prep Notices Minutes Maintain stat records Prep share cert, trust declaration
Trust and company admin competence
Belong to pro body - ICSA
qualified staff
Regard for rationale of structure
Admin to understand commercial rational for structure
Admin ensure:
Advise and strategy remains effective
Entity administered in accordance with advice
Appropriate and covers relevant circumstances
Advice
Admin consider tax and legal consequences of action/inaction
Loads with other professional advisors
Fiduciary duties
Admin bear duties in mind
Best interest of client
Familiar with legislation governing trust/comp
Regard for constitutional documents
Understand need to refer to doc when affirming on behalf of entity
Actions in accordance with constitutional docs
Polices and procedure
AML/CFT
Protect organisation against risk
Record keeping
Demonstrate compliance with law, order, cords of jurisdiction
Client history preserved
Can’t predict when needed
Customer due diligence
Identit/risk opportunities in transaction
KYC Key
Consistent and update through our relationship
Risk awareness
Manage client expectations and understand they may not be able to fulfil wishes
Best interest of beneficiary not always in line with demands
Creation is provided for vulnerable beneficiaries or those who can’t manage funds
