UK legislation is being updated as a consequence of the implementation of the Fourth Anti-Money Laundering Directive (4MLD).
Of most immediate concern are the changes to the People with Significant Control (PSC) register requirements that will affect all limited companies and LLP’s.
At the moment, there is an effective two month period for a change in PSC information to be notified to the company/LLP, but there is no specific time period within which the company must update its register once it has received notice of that change. And, unless the company/LLP has specifically elected for Companies House to hold and maintain its PSC register (which is unlikely), the public record at Companies House only has to be updated once a year via the company’s/LLP’s confirmation statement.
However, from 26 June 2017, where there is a change to the information on a company or limited liability partnership’s PSC register, it will only have 14 days within which to update its register and another 14 days to send the information to Companies House. Forms PSC01 to PSC09 will need to be completed to notify Companies House.
This change is being made because the 4MLD requires information held on the PSC register to be ‘current’.
