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Is your company aware of the new changes to PSC Registers implementing anti money laundering legislation?

Anyone who is involved in the ownership or management of a limited company or limited liability partnership (‘LLP’) should be aware of important changes that will come into force on the 26th June 2017 regarding their ‘register of people with significant control’ (the ‘PSC Register’).

In summary the changes are as follows:

  • From 26th June 2017 the PSC Register will not be updated once a year on the confirmation statement (Form CS01).
  • Relevant companies and LLPs will have 14 days in which to update their own statutory PSC Register and will need to tell Companies House on forms PSC01 to PSC09 within 14 days of making a change to their PSC Register.
  • Therefore you will have 14 days to update your own statutory register and another 14 days thereafter to send the information to Companies House.

There are certain exemptions for companies whose shares are publicly traded.

In addition from the 24th July 2017:

  • Scottish Limited Partnerships (‘SLP’) must also register PSC information with Companies House and tell them about any changes within 14 days. That information must be confirmed as correct every year.
  • General Scottish Partnerships (‘SP’) where all the partners are corporate bodies also need to register PSC information with Companies House and tell them of any changes within 14 days and confirm its accuracy annually.
  • The current protection regime that allows certain information not to be disclosed on the public register will be changed so that it is extended to SLPs and SPs.

These changes are brought about as part of the further implementation of the EU Fourth Money Laundering Directive and, according to Companies House, in order to help prevent money laundering and terrorist financing and to increase the transparency of who owns and controls companies in the UK. 

Anti money laundering is a constantly developing area of law and therefore expect to see further changes to the current regime. The direction of travel is for more transparency so expect to see the current PSC thresholds reduce further. The thresholds are currently set at 25% beyond which in broad terms a shareholder in a company limited by shares or a member of an LLP having voting rights becomes a PSC.

If you need any further guidance or help then please contact Guy Bottard at Maitland Walker:

17 The Crescent, Taunton TA1 4EB

01823 745 777