The UK government has published legislation to implement changes to the UK ‘people with significant control’ (PSC) regime to bring it into line with the Fourth Money Laundering Directive ((EU) 2015/849). The new law came into force on 26 June.
The background to these changes is that Article 30 of the Fourth Money Laundering Directive requires EU member states to keep central registers of the ultimate beneficial owners of corporate and other legal entities. The Directive came into force on 25 June 2015, and member states must implement it by 26 June this year. As the obligation covers corporate and other legal entities, it is wider than the existing UK regime that came into force in 2016, and it also requires the information to be current. This meant changes had to be made to the UK PSC rules.
The following are the headline changes made to implement the Directive in the UK:
- As of 26 June 2017, UK companies must record changes to the information on their PSC registers within 14 days of obtaining the information and file that information with Companies House within a further 14 days. This means a company will no longer include the information in its annual confirmation statement; instead it must notify Companies House of any changes as and when they occur, as it would for its register of directors. Companies should use forms PSC01 to PSC09 for this purpose. Under the transitional arrangements applying to existing companies, within 14 days of 26 June 2017, a company must notify Companies House of any changes to its PSC register that were not included in its last annual confirmation statement.