Trust and company cervices Memorandum of Understanding

The Jan/Feb 2016 Law Society practice note launched the Department of Justice and Equality memorandum of understanding (MOU) about:

  • Trust and company legal services, and

  • Trust and company service providers (TCSPs).

The purpose of the MOU is to clarify the division of responsibilities regarding which competent authority is responsible for (a) trust and company legal services and (b) TCSPs. The MOU does not introduce any new regulatory obligations for solicitors or new monitoring obligations for the Law Society and does not amend the Law Society’s Guidance Notes for Solicitors on Anti-Money Laundering Obligations.

Solicitors can learn more about how the Law Society fulfils its obligations as a competent authority in Chapter 13 of the Guidance Notes and in the Law Society's statutory instrument, Solicitors (Money Laundering and Terrorist Financing Regulations) 2016.