With effect from 26 June 2017 revised anti-money laundering measures increase the transparency of who owns and controls a company in the UK.

The revised rules directly affect the Companies House register directions on people with significant control (PSC).

From the above date, any change to a PSC cannot be updated on the confirmation statement (CS01). Instead, Companies House has to be told of the change on forms PSC01 to PSC09.

A 14-day time limit is in place to update the register, with another 14 days to send the information to the government agency.

From 24 July, Scottish partnerships will also have to register their PSCs at Companies House.

If you require any further help with this, please contact your usual Bishop Fleming adviser.

Links to regulations

  • The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations (SI 2017/692).
  • Information about People with Significant Control (Amendment) Regulations (SI 2017/693).
  • Scottish Partnerships (Register of People with Significant Control) Regulations (SI 2017/694).
  • Money laundering guidance page.
 
 
 
 
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