A corporate trustee creates two connected but different sets of questions. Who owns or controls the company, and who controls the trust arrangement for which it acts? Combining both into a single list of directors can obscure important people and powers. A useful control map keeps the relationships distinct and explains why each relevant individual was included, excluded or still needs investigation.
Start with the capacity in which each entity acts
Write the company name and identifier, the trust name and the company's trustee capacity. Record the designated service and identify the customer under that service. Draw separate links for shares, directorship, trustee appointment, appointment or removal powers and authority to instruct the practice. A company search helps with company facts; it does not describe every power in the trust deed. Avoid treating an ABN and an ACN as interchangeable identifiers.
Trace people using the applicable customer-type rules
Read AUSTRAC's body-corporate guidance alongside its trust guidance. Ownership percentages and other means of control can both matter, and exceptions depend on the customer and conditions. A diagram is an organising tool rather than a substitute for those tests. For every relevant link, record the supporting document, its date and the conclusion. Explain any stopping point under an applicable exception so the next reviewer can reproduce the reasoning.
Test a change in trustee or controller
Suppose the same company remains trustee but its directors change, while a separate person retains a power to replace it. Updating the director list alone may leave the control picture incomplete. Check which roles changed, which powers continued and whether the representative still has authority. Reconsider risk and verification needs under the program. Do not infer suspicious conduct from a structural change without examining the surrounding facts.
Make the map useful during a handover
Use a legend that distinguishes ownership, control and representation. Identify unresolved links explicitly and keep the underlying deed and registry evidence accessible to authorised reviewers. Date the map and record the event that would make it stale, such as a trustee replacement, share transfer or amended appointment power. A concise explanation beside the diagram is often more useful than a complicated graphic containing no evidence references or decision owner.
Official sources
Confirm the current rules against these primary sources, last checked .
Questions
Are all company directors automatically the trust's only beneficial owners?
No. Assess the relevant ownership and control rules and the actual trust powers. Directorship alone does not exhaust the analysis.
Is a structure diagram legally required in every file?
This guide recommends a practical recording method. The duty is to establish and retain the required matters; the appropriate format depends on the file.
Should an old map be deleted after a restructure?
Keep the necessary historical record and label the new map clearly. The change history can explain earlier decisions and later review triggers.
General information for Australian professionals, not legal advice. It does not replace the AML/CTF Act, the Rules or AUSTRAC guidance. See our editorial standards.
Keep reading
- A discretionary-trust CDD file3 min
Organise the deed, amendments, trustee authority, beneficiary descriptions and control analysis into a reviewable trust customer file.
- Complex ownership structures7 min
A practical Australian guide to tracing indirect ownership and control through companies, trusts, nominees and foreign entities for defensible TCSP CDD.
- Beneficial ownership4 min
How to identify beneficial owners under the amended AML/CTF Act: the 25% ownership threshold, control through other means, trustees and appointors, walking layered structures, and what to record when no owner reaches 25%.