On 1st August, an article from Finextra looked at the public consultation announced by Companies House in May 2019: “Corporate transparency and register reform”, about some of these changes involved under the 5th EU AML Directive.  It says that they might not only improve the register’s data, but also its utility and reliability in relation to KYC and CDD.  It stresses the importance of register data in KYC and CDD, saying that the Panama Papers and the Russian Laundromat cases have shown that information about a company and its key individuals is essential to identifying those who may be seeking to conceal their identity or the illicit activities they engage in.  It also refers to other requirements, such as the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), which require financial institutions to collect, validate and report tax residency information for new and existing customers (individuals and entities).  It says that the consultation proposes several changes that aim to increase the transparency of UK corporate entities and help combat economic crime. Some of the proposals are relevant for those financial institutions who refer to the register’s data as part of their KYC and CDD activities.

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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