What company directors need to know about new anti-money laundering rules coming this June
21 April, 2017
The Government has warned companies to be aware of important anti-money laundering rule changes coming this summer.
From June 26, people with significant control (PSC) will no longer be updated on the confirmation statement (CS01). Directors should instead inform Companies House on forms PSC01 and PSC09 about any changes.
Directors have 14 days to update their register and a further 14 days to send the information to Companies House.
Notably, the changes mean that DTR5 companies are no longer exempt from reporting requirements to hold information about their PSC.
From 24 July, Scottish limited partnerships (SLPs) will also need to register PSC information with Companies House. Scottish partnerships (SPs) will have to follow suit if all partners are corporate bodies.
SLPs and SPs will need to review the register at least once a year, and have 14 days to confirm any changes.
Companies House said SLPs and SPs can apply for a restriction so that their information is not disclosed on the public register.