Trustees of any express trust administered in a Member State must obtain and hold adequate, accurate and up-to-date information on beneficial ownership regarding the trust. The information must include the identity of the settlor(s), the trustee(s), the protector(s) (if any), the beneficiaries or class of beneficiaries the beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates; and any other natural person exercising ultimate control over the trust by means of direct or indirect ownership, or by other means. (Article 31(1)).
Trustees or persons holding equivalent positions in similar legal arrangements must disclose their status and provide such information to obliged entities in a timely manner, where they form a business relationship or carry out an occasional transaction above the thresholds set out in points (b), (c) and (d) of Article 11. (Article 31(2)).
The Article 31(1) information must be
accessible in a timely manner by competent authorities and FIUs. (Article