On 10 January 2020, the Fifth Anti-Money Laundering Directive (5MLD) was introduced in the UK. This meant that obliged entities (OEs) are required to carry out customer due diligence under 5MLD and must report discrepancies in people with significant control (PSC) information to Companies House. These entities include banks, financial institutions and credit reference agencies, among others.
Reporting PSC discrepancies is a legal requirement for OEs, and non-compliance can lead to sanctions under the Money Laundering Regulations. At Companies House, we’ve introduced a new online service to make this process easier and faster.
All OEs must tell Companies House if there’s a material difference between the information that they hold about a PSC of a company (including limited liability partnerships and Scottish limited or qualifying partnerships) and the information that’s on the PSC register. We’ll then investigate these discrepancies and, if necessary, contact the company.
Lee Robins, Enforcement Service Manager at Companies House, said:
While our previous reporting tool has allowed OEs to submit discrepancy reports, the new service will drastically improve the user journey and quality of information reported.
All discrepancies investigated and data corrected directly improves the quality and integrity of the PSC register. This data is crucial in the wider challenge of tackling economic crime.
The PSC register at Companies House was introduced in 2016 through the Small Business, Enterprise and Employment Act, and the information is available to the public free of charge. The purpose of the PSC register is to enhance corporate transparency, to facilitate economic growth and help tackle misuse of companies.
See our PSC guidance for more information.
- December 14, 2021 at 12:34 pm by Editor (displayed above)
- December 14, 2021 at 12:34 pm by Editor