Companies House flags changes to anti-money laundering rules
Companies House is calling on companies and accountants to get up to speed with changes to UK anti-money laundering rules, including new requirements affecting people with significant control (PSC) information, which come into effect from 26 June
20 Apr 2017
From that date, PSC details will no longer be updated on the confirmation statement (CS01). Instead, companies will need to inform Companies House on forms PSC01 to PSC09 whenever there is a change. They have 14 days to update their register and another 14 days to send the information to Companies House.
DTR5 companies are exempt from requirements to hold information about their PSC, but Companies House says that from 26 June these exemptions will change. Companies which are traded on an EEA or Schedule 1 specified market remain exempt, but others will need to send PSC information when changes take place.
From 24 July, active Scottish limited partnerships (SLPs) must register PSC information with Companies House and report changes within 14 days. Every year, SLPs must confirm the details are correct. From 24 July, it will be a requirement to give PSC information when registering a new SLP.
Any general Scottish partnerships (SPs) where all the partners are corporate bodies, need to register PSC information with Companies House, report any changes within 14 days and confirm this information every year on a confirmation statement.
Companies House also highlighted changes to the protection regime. When SPs and SLPs provide PSC information, the protection regime becomes available to them. They can apply for a restriction so their information is not disclosed on the public register.
Only specified public authorities can access this information at the moment for company types in scope of PSC requirements. The new anti-money laundering legislation extends this to credit and financial institutions, as these carry out customer due diligence. Where appropriate, Companies House says it will make protected PSC information available to them.