Recital 128

(128) There is a need to ensure a level playing field among the different types of legal forms and to avoid the misuse of express trusts and legal arrangements, which are often layered in complex structures to further obscure beneficial ownership. Trustees of any express trust administered in a Member State, or established or residing in a Member State should thus be responsible for obtaining and holding adequate, accurate and up-to-date beneficial ownership information regarding the express trust, and for disclosing their status and providing that information to obliged entities carrying out customer due diligence. Any other beneficial owner of the express trust should assist the trustee in obtaining such information.

← Recital 127 · All articles · Recital 129 →

Source: EUR-Lex CELLAR · retrieved 2026-09-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.