PSC Register
Of interest to those working in companies or in ‘obliged entities’
The Fifth Anti-Money Laundering Directive (5MLD) came into force in the UK through the Money Laundering and Terrorist Financing (Amendment) Regulations 2019 on 10 January. Companies House has published some helpful guidance on how ‘obliged entities’, a broadly defined term but one which specifically includes ‘trust or company service providers’ as well as external accountants, credit and financial institutions and others, should report to Companies House in situations where the information they hold, as an obliged entity, about a beneficial owner is different from the information on the people with significant control (PSC) register.
Obliged entities need to take note of these new requirements, companies and those who advise them should be aware that PSC register entries will now be subject to increased oversight and reporting of errors.
