On 26 June 2017 changes will be made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. It’ll increase the transparency of who owns and controls companies in the UK. This legislation will make changes to current requirements about people with significant control (PSC) information.
Impact on companies
From 26 June PSC information will no longer be updated on the confirmation statement (CS01). Instead, any PSC changes in the company must be recorded in company’s internal register within 14 days. Within additional 14 days changes need to be notified to Companies House on forms PSC01 to PSC09.
Changes to exemptions
DTR5 companies are exempt from requirements to hold information about their PSC, however 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.
Impact on different types of corporate bodies
From 24 July active Scottish Limited Partnerships (SLPs) must register PSC information with Companies House within 14 days. Any further PSC changes must be registered with Companies House within 14 days of the change. Every year SLPs must confirm the details are correct. From 24 July, it will be required to provide PSC information when registering a new SLP.
From 24 July General Scottish Partnerships (SP) where all the partners are corporate bodies, must register PSC information with Companies House. SPs must inform Companies House of any changes within 14 days and confirm this information every year on a confirmation statement.