Procedures specific to trustees

(1) A trustee shall verify the identity of a settlor or any person adding assets to a trust in accordance with the procedures relating to the verification of identity of clients and the trustee shall recognise the purpose and the nature of the trust and the identity of the funds settled on it. (2) Where an IFS Practitioner acts as trustee with control and custody of the trust assets, he shall ensure that payments from the relevant trust are authorised and made in accordance with the terms of the trust.