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Control of Trustee by Settlor: Ensuring Beneficiaries Benefit from Assets
A Guide to Customer Identification and Verification in Turkey
In the context of trust law, a settlor is often the owner of an asset that has been placed under the management, use, or disposition of a trustee for the benefit of one or more beneficiaries. It is crucial for the settlor to maintain control over the trustee to ensure that the intended beneficiaries reap the benefits of the asset.
Customer Identification and Verification
According to Article 12 of the Turkish Law on Prevention of Laundering Proceeds of Crime No. 5549, unincorporated organizations such as building management companies, housing estates, and office block management entities must provide the following information:
- Name
- Full address
- Telephone number
- Fax number
- Email address
- Identity information of the person authorized to represent them
Similarly, Article 14 of the same law outlines the customer identification requirements for those acting on behalf of others, including legal persons, unincorporated organizations, and natural persons. In these cases, the settlor must verify the identity of the trustee and ensure that they have the necessary authority to manage or dispose of the asset.
Verification of Documents
Article 15 of the law emphasizes the importance of verifying the authenticity of documents used for customer identification and verification. Obliged parties are required to:
- Apply to the person or institution arranging the document
- Or other competent authorities in cases where they suspect the authenticity of the documents
Subsequent Transactions
In subsequent transactions conducted with customers who have been previously identified, Article 16 of the law provides that identity data shall be received and compared with the data already available to obliged parties. After making comparison, the name and surname of the natural person conducting the transaction shall be entered into the related document, and their sample signature shall be received.
Conclusion
In conclusion, the control of the trustee by the settlor is a critical aspect of trust law in Turkey. By understanding the requirements for customer identification and verification, settlers can ensure that their intended beneficiaries receive the benefits of the asset under management or disposition.