How to identify and verify the beneficiaries in case of trusts as required under Regulation (7)2 of SECP AML/CFT Regulations 2018?

In the case of “Trusts”, the regulated person should obtain:
a) Whether the Trust is a Public Trust or Private Trust;
b) Trust Deed whereby the Trust has been created;
c) Details of Settlor (this will also be available in the Trust Deed);
d) Objects of the trust (this will also be available in the Trust Deed);
e) Trustee of the trust (whether trustee is associated person of the settlor);

f) Description of each class or type of beneficiary (this information may also be checked from Trust Deed);
g) Details of any possibility of influence of any other person on trustee regarding management and control of trust property;
h) In the case of “Private Trust” if the beneficiary of a trust is also the beneficial owner of the trust, identification and verification of the beneficiary is required otherwise the name and CNIC of each beneficiary of a trust should be obtained. (verification of this information is not required).
For this purpose, the regulated person may obtain a declaration from Governing Body/Board of Trustees/Executive Committee/sponsors on ultimate control, purpose and source of funds etc. Further, the documents as per Sr. No. 1 of the Annex 1 of the SECP AML/CFT Regulations, 2018 can be used for identification and verification of settlor, the trustee, the protector (if any), the beneficiaries and any natural person exercising ultimate ownership, ultimate control or ultimate effective control over the trust under Regulation (7)2 of SECP AML/CFT Regulations 2018.