Changes to UK’s Anti-money Laundering Rules

Monday, April 24, 2017 Print Email

The Companies house is calling for companies to keep pace and adjust itself in accordance with the changes made to the UK’s anti-money laundering rules, including changes to requirements affecting information relating to people with significant control (PSC) that comes in to effect from June 26.

From June 26, the details relating to PSC will not be updated through the use of the confirmation statement (CS01). Instead the companies will be required to inform the Companies House about the change or update using the forms PSC01 to PSC09. The companies will be provided with a period of 14 days to make the register containing the PSC information up-to-date and another period of 14 days will be available to the companies to provide the Companies House with the updated information.

As per the existing rules DTR5 companies had exemption from requirements connected with the holding of PSC information but as per the newly updated rules that will be in effect from June 26, there will also be changes in requirements with regards to exemptions. After June 26, only the companies that are traded on a schedule 1 specified market or EEA market will remain exempt from the requirement to submit PSC information but the rest of the companies will be required to submit PSC information at Companies house.

From July 24, the actively operating Scottish limited partnerships (SLPs) must also register information related to PSC with Companies House and the changes in PSC information must be reported within the time period of 14 days. Each year, all the SLPs must confirm that all the PSC details provided are correct and accurate.

Any general Scottish partnerships (SPs) in which a partner is a corporate body then in that scenario that SP will be required to provide the companies house with the details about PSC and will also be bound to report any change within the time period of 14 days. These types of SPs will also be required to confirm the PSC information each year using a confirmation statement.

There are also changes made with regards to the protection regime. Whenever SLPs and SPs provide information about PSC, then the option of such a regime is made available to them. The option of protection regime allows companies and partnerships to apply for a restriction so that their information remains protected and does not makes its way to the public register.

Currently Only specified public authorities can have access to the PSC information that is provided by different companies and partnerships. As per the changes in the anti-money laundering rules the list of parties that can have access to PSC information now also includes financial and credit institutions, as these institutions are responsible for carrying out due diligence in relation to customers.


Source: ReadyRatios

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