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Changes to UK anti-money laundering measures

Anti-money laundering measures changed on 26 June 2017.

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On 26 June 2017 changes were made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. It increases the transparency of who owns and controls companies in the UK. This legislation made changes to current requirements about people with significant control (PSC) information.

Impact on companies

PSC information isn’t updated on the confirmation statement (CS01). Instead, you need to tell us whenever there’s a change. You have 14 days to update your register and another 14 days to send us your information.

Our PSC guidance tells you how to identify your PSC, and send us this information.

Changes to exemptions

DTR5 companies are exempt from requirements to hold information about their PSC. From 26 June 2017, these exemptions changed, and you may need to provide PSC information. If your company’s traded on an EEA or Schedule 1 specified market, it’s still exempt. If your company isn’t exempt, you need to send PSC information to us when changes take place.

Impact on different types of corporate bodies

Scottish Limited Partnerships (SLP)

From 26 June 2017 active SLPs must identify their PSC and from 24 July 2017 send this information to us within 14 days. Any further PSC changes must be sent to us within 14 days of the change. Every year, you must confirm the details are correct. From 24 July 2017, you need to give PSC information when registering a new SLP.

 General Scottish Partnerships (SP)

From 26 June 2017 any SP, where all the partners are corporate bodies, need to identify their PSC. From 24 July 2017, they must register this PSC information with us. You must tell us of changes within 14 days and confirm this information every year on a confirmation statement.

Protection regime

There have been changes to the protection regime. When SPs and SLPs provide us with PSC information, the protection regime becomes available to them. You can apply for a restriction so your information isn’t disclosed on the public register. Only specified public authorities can access this information at the moment for company types in scope of PSC requirements. The new anti-money laundering legislation extends this to credit and financial institutions, as these carry out customer due diligence. Where appropriate, we’ll make protected PSC information available to them.

Published 19 April 2017
Last updated 6 March 2018 + show all updates
  1. Link to PSC guidance added.
  2. SLP and SP guidance updated.
  3. Guidance for SLP and SP updated.
  4. Added translation