The PSC regime is coming up to being a year old but from 26th June 2017 there are significant changes to the way in which it will operate.
The EU 4th Money Laundering Directive is scheduled to take effect on 26th June 2017 and it imposes a requirement for the register to be adequate, accurate and current. To comply with the requirement companies will need to report changes to Companies House as they happen. Companies will still have to maintain their Register of People with Significant Control.
After a relevant change occurs companies and LLP’s have 14 days to update their PSC register and then a further 14 days to submit the change to Companies House. Therefore there is a maximum of 28 days following the event in which to file the changes, after which penalties may occur.
Companies will still have to file a confirmation statement each year but from 26 June 2017 they cannot be used to update PSC details.
From 24 July the scope of the PSC regime is being extended to all active Scottish Legal Partnerships (SLP’s) and also to Scottish General Partnerships (SP’s) where all the partners are corporate bodies. These entities will need to maintain up to date PSC registers and register changes with Companies House within 14 days. They will also need to submit a confirmation statement each year to confirm that the information held is correct.
To find out more information on the changes to the PSC regime contact Melvin LeechContact Melvin
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