On 26 June 2017 changes were made to UK anti-money laundering
measures to help prevent money laundering and terrorist
financing. It increases the transparency of who owns and controls
companies in the UK. This legislation made changes to current
requirements about people with significant control (PSC) information.
Impact on companies
PSC information
isn’t updated on the confirmation statement (CS01). Instead, you
need to tell us whenever there’s a change. You have 14 days to
update your register and another 14 days to send us your
information.
Our PSC guidance tells
you how to identify your PSC, and send us this
information.
Changes to exemptions
DTR5 companies are exempt from requirements to hold information
about their PSC. From 26 June these
exemptions changed, 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 need to
send PSC information to
us when changes take place.
Impact on different types of corporate bodies
Scottish Limited Partnerships (SLP)
From 26 June active SLPs must identify their PSC and from 24
July send this information to us within 14 days. Any
further PSC changes must be
sent to us within 14 days of the change. 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 26 June any SP, where all the partners are corporate bodies,
need to identify their PSC. From 24 July, they
must register this 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 have been 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.
