# AMLR Art. 60 — Identification of objects of a power and default takers in discretionary trusts > TJPG Art. 15 (BBl 2025 2900) has been in force since 1 October 2026. See [[Effective-dates timeline]]. - **Part of:** [[AMLR]] - **FATF keying:** [[FATF R.25 - Transparency and beneficial ownership of legal arrangements|FATF R.25]] - **Swiss provisions:** _none_ - **Detailed citation:** - ## What it requires In a discretionary trust where beneficiaries have not yet been selected, the objects of a power and the default takers must be identified; a selected object of a power becomes a beneficial owner once chosen, and a default taker becomes one if the trustees fail to exercise their discretion. Where the trust meets the Art. 59(2) low-risk conditions, only the class of objects of a power and default takers need be identified, subject to the Art. 59(3) notification. ## Swiss position No Swiss provision is pinned to this article. TJPG Art. 15 Abs. 1 sets what reads as an exhaustive list of a trust's beneficial owners: founder, trustee, protector, beneficiary, and any other natural person controlling the trust directly, indirectly or otherwise (Bst. a-e). It does not use, or provide for, the categories 'object of a power' or 'default taker'. The residual limb, Bst. e, catches only a person who controls the trust; a potential object of a trustee's discretion, or a default taker who receives nothing unless the trustees fail to exercise that discretion, does not by that status alone control the trust, so is not obviously captured by Bst. e on its wording. ## Key divergences The mapping pins no Swiss provision to this article. AMLR Art. 60 requires a discretionary trust to identify the objects of a power and the default takers even before any beneficiary is selected, and treats a selected object of a power, or a default taker, as a beneficial owner from the moment the relevant condition occurs. TJPG Art. 15 Abs. 1's beneficial-owner list for trusts is exhaustive on its face - founder, trustee, protector, beneficiary, and any other controlling person - with no limb addressing a class of persons who might, but need not, become beneficiaries at the trustee's discretion, nor one addressing a default taker who takes only if the trustees fail to act. Being a potential object of a power or a default taker is not itself the exercise of control that Bst. e requires, so neither category is captured on the wording read. This sits alongside the AMLR Art. 59(2) low-risk carve-out, which for a qualifying discretionary trust would also let only the class be identified - a mechanic TJPG Art. 15 Abs. 1 has no equivalent for either. ## Effective dates TJPG Art. 15 (BBl 2025 2900) has been in force since 1 October 2026. See [[Effective-dates timeline]]. ## Further connections *These links come from an article-by-article comparison of the primary texts. They add to the provisions listed at the top of this note and make no equivalence claim.* - [[GwV-FINMA Art. 64 - Groupings of persons, trusts, asset|GwV-FINMA Art. 64]] — The category-based circle of persons eligible as beneficiaries where none is named (Bst. e) is the nearest Swiss counterpart to the objects of a power, but the ordinance does not mention discretionary trusts. Default takers are not mentioned and there is no rule on when either group becomes beneficial owners. *(related)* ## Authoritative text > [!quote]- Regulation (EU) 2024/1624 (AMLR), Article 60 — English text (EUR-Lex, CELEX 32024R1624) > **Article 60** > *Identification of objects of a power and default takers in discretionary trusts* > In the case of discretionary trusts, where beneficiaries have yet to be selected, the objects of a power and default takers shall be identified. Beneficiaries among the objects of a power shall be beneficial owners as soon as they are selected. Default takers shall be beneficial owners when the trustees fail to exercise their discretion. > Where discretionary trusts meet the conditions laid down in Article 59(2), only the class of objects of a power and default takers shall be identified. Those categories of discretionary trusts shall be notified to the Commission in accordance with paragraph 3 of that Article. ## Sources - AMLR Art. 60 — CELEX 32024R1624 - TJPG BBl 2025 2900, Art. 15