What onboarding information is required for a Trust?

Published on Oct 13, 2023Updated on Jan 30, 20252 min read79

What's a Trust?

A trust is a legal arrangement that allows a third party, or trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be arranged in many ways and can specify exactly how and when the assets pass to the beneficiaries.

Who are the key persons for a Trust?

  • Grantor: The person who creates the trust, funds it with their assets, and decides how the trust will operate. The grantor is also known as the trustor, settlor, or creator.

  • Trustee: A person or institution that manages the trust's assets for the benefit of the beneficiaries. The trustee is legally responsible for the trust assets and makes distributions to the beneficiaries.

  • Beneficiary: A person or institution that receives the trust's assets. Beneficiaries can be current or future recipients.

  • Authorized user: Persons who have access to and can operate your institution’s OKX account.

What'll a Trust need to consider for the onboarding process?

  • Identify all key parties

    • Identify all parties involved in the trust, including the trustee, beneficiaries, grantors, and any authorized users.

  • Provide trust documentation

    • Provide documentation that outlines the key persons (for example, trustee, beneficiaries) of the trust.

  • Provide identifying information

    • Provide identifying information for the Trust, such as your institution’s legal full name, and registration address, amongst other pertinent and verifiable data.

  • Provide identification documentation

    • Provide valid proof of identity (PoI) and proof of address (PoA) documents that verify the existence and establishment of the Trust, as well as the identity of each key person involved.

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