On 26 June 2017 changes will be made to UK anti-money laundering
measures to help prevent money laundering and terrorist
financing. It will 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 won’t be updated on the confirmation statement
(CS01). Instead, you’ll need to tell us on forms PSC01 to PSC09
whenever there’s a change. You’ll have 14 days to update your
register and another 14 days to send the information to us.
Changes to exemptions
DTR5 companies are exempt from requirements to hold information
about their PSC. From 26 June these exemptions will change, and
you may need to provide PSC information. If your company’s traded
on an EEA or Schedule 1 specified market, it’s still exempt. If
your company isn’t exempt, you’ll need to send PSC information to
us when changes take place.
Impact on different types of corporate
bodies
Scottish Limited Partnerships (SLP)
From 24 July, active SLPs must register PSC information with us.
You must tell us about the changes within 14 days. Every year,
you must confirm the details are correct. From 24 July, you need
to give PSC information when registering a new SLP.
General Scottish Partnerships (SP)
From 24 July, any SPs where all the partners are corporate
bodies, need to register PSC information with us. You must tell
us of changes within 14 days and confirm this information every
year on a confirmation statement.
Protection regime
There will be changes to the protection regime. When SPs and SLPs
provide us with PSC information, the protection regime becomes
available to them. You can apply for a restriction so your
information isn’t disclosed on the public register. Only
specified public authorities can access this information at the
moment for company types in scope of PSC requirements. The new
anti-money laundering legislation extends this to credit and
financial institutions, as these carry out customer due
diligence. Where appropriate, we’ll make protected PSC
information available to them.
