money laundering directive

22/06/2017

New regulations implementing the Fourth Money Laundering Directive bringing changes to the ‘persons with significant control’ (PSC) regime are due to come into effect shortly.

If you are responsible for the management and administration of a UK company, you will be familiar with the PSC regime that was introduced on 6 April 2016 requiring companies and limited liability partnerships to maintain a publicly available register of PSCs and to file those details with Companies House.

At present (unless a company has elected to maintain its PSC register at Companies House) any changes to the register are only notified on the annual confirmation statement, which in reality can mean publicly available information can be quite out-of-date.

The new regulations require the beneficial ownership information of a company at Companies House to be current.

Accordingly the PSC register will no longer be updated on the annual confirmation statement, but instead, companies will be required to update their PSC register within 14 days of the change in beneficial ownership and will have a further 14 days to file a notification of the change with Companies House using forms PSC01 to PSC09.

The changes were due to come into effect on 26 June but the pre-election ‘purdah’ has delayed the publication of the necessary regulations and so a short delay now appears likely.

If you need advice on the PSC regime or if you need advice on any corporate-related matters, please contact Beswicks Legal on 01782 205000 or email jessica.hancock@beswicks.com