Guidance related to Rule D5: Trust and Company Service Providers

The Money Laundering Regulations 2007 require trust and company service providers to be registered with HMRC or a professional regulatory body. The purpose of registration, which is set out in Regulation 24 of the2007 Regulations, is monitoring by the supervisory authority, and the only power to monitor which the Society has under the Solicitors (Scotland) Act 1980 is in respect of sole practitioners, firms of solicitors, and incorporated practices.

It remains the Society's position that if a practice unit has one or more of these ancillary companies, the company's activities are not "monitored" by the Society unless it is recognised in its own right as an incorporated practice under rule D5. If practice units wish the Society to be the supervisory authority for such a company under Part 4 of the 2007 Regulations they should apply for recognition as an incorporated practice.

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