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Record keeping requirements (May be kept in a variety of forms of records…
Record keeping requirements
It is usually a fundamental duty of the TSP to maintain accurate records and accounts of their trusteeship under their local trust legislation
Company legislation also requires a company to keep minutes of all proceedings at general meetings, meetings of any class of its members and meetings of its directors to be entered in books kept that purpose
An OSP records will enable them to demonstrate that they have fulfilled their fiduciary and statutory duties under such legislation
The record keeping requirements of a jurisdiction arise as a result of
The legislation that governs the provision of financial services including trust company business in a jurisdiction
Codes of practice issued by the regulator
Anti-money laundering legislation
Guidance issued by the regulator
Record keeping requirements that arise under the Proceeds of Crime Act 2002 (PoCA2002) legislation demonstrates that a TSP has sufficient policies and procedures to deter, prevent and detect money laundering
The record keeping requirements that arise as a result of the company or trust allow a TSP or director to demonstrate that they have fulfilled fiduciary duties owed to beneficiaries, shareholders and investors under those laws
OSPs are therefore required to hold a variety of information about their clients, settlor and beneficiaries, the entities to which they provide services including the decisions that are made and the activities that are carried out by or for and on behalf of those entities in order to demonstrate compliance with those laws, orders and codes of practice
May be kept in a variety of forms of records including
Client database
Minutes of trustee meetings and company meetings
Statutory registers
Accounting records and financial statements
Permanent files and safe custody files
Correspondence records
Compliance records
Compliance reports
The OSP must ensure that all files are complete and up to date
It is important that detailed file notes are kept of all telephone calls and meetings. Without such documentation, the OSP is dependent upon the knowledge of directors or staff. Overtime this knowledge can be unreliable or unavailable when the relevant staff member is absent or leaves the organisation. A fie note also provides evidence that the OSP asked 'the right questions' and recorded the information that they have been given by the client