From 26 June 2017, as part of the implementation of the EU Fourth Money Laundering Directive, the Persons of Significant Control (“PSC”) regime will be updated. All companies and LLPs who are obliged to keep a PSC Register (following the introduction of the PSC regime on 6 April 2016) are affected by the change. This includes charitable companies or trading subsidiaries of charities. Co-operative and community benefit societies are not affected by the changes, but their subsidiary companies are affected.
From 26 June, PSC information will no longer be updated as part of the annual Confirmation Statement. Instead, Companies House will need to be notified whenever there is a change. Companies will have 14 days to update their PSC register and an additional 14 days to send the updated information to Companies House.
In its Business Plan for 2017-2018, Companies House has said it also plans to introduce new compliance activities, including contacting those with clearly incorrect PSC data to help them complete their records properly and introducing a “report it now” button for those viewing the register to report problems with the information.
If you require further information or any assistance regarding any of the above, please contact Matthew Hennessy-Gibbs who will be happy to assist you.