The role played by the independent trustee has expanded in extent and complexity. For example, they now have to register and comply with the Financial Intelligence Centre, obtain professional indemnity cover and price for risk as they may now be liable for a fine of up to R10 million and/or five years’ imprisonment for non-compliance with the measures of the Financial Action Task Force (FATF).
Trusts expert Phia van der Spuy says that it is imperative that independent trustees now charge therefore for their services and that clients appreciate the reasons.
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