A news releases from Companies House on 10 January advised that organisations supervised under AML legislation will need to report certain persons of significant control (PSC) discrepancies to Companies House under EU 5th AML Directive requirements implemented from 10 January.  The requirement extends to any obliged entity required to carry out CDD under AML regulations. These entities include –

  • credit institutions
  • financial institutions
  • auditors, external accountants and tax advisors
  • notaries and other independent legal professionals
  • trust or company service providers
  • estate agents, including when acting as intermediaries
  • other persons trading goods in cash amounting to 10,000 euros or more
  • gambling services
  • exchange services between virtual and fiat currencies
  • custodian wallet providers
  • art dealers in galleries and auction houses
  • art dealers in free ports

It is said that discrepancies must be reported if there’s a material difference between the institution’s and Companies House sets of information. Companies House will investigate these discrepancies and, if necessary, contact the company.

It also released guidance on how to tell Companies House if the information held as an obliged entity, about a beneficial owner is different from the information on the people with significant control (PSC) register.  It says that it will investigate the discrepancy and, if it is valid, it will contact the company to ask for their comments and request that they resolve the discrepancy to make sure the PSC register is up to date.  The company will not be informed that a discrepancy report has been made about their PSC register information, but Companies House will tell the obliged entity the outcome of the investigation.

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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