New Obliged Entities Reporting Requirement Under 5AMLD
The Government has reminded organisations about the requirement for obliged entities to report additional information discrepancies to Companies House.
The Fifth Anti-Money Laundering Directive (5AMLD) is now in full swing and all obliged entities must inform Companies House of the beneficial owner if the name differs to the people with significant control (PSC).
The new requirements will stretch to banks, financial institutions, credit agencies, independent legal professionals, estate agencies and other stakeholders in the property sector.
The government will identify a discrepancy ‘if the entity has information that clearly indicates that the PSC information recorded by Companies House is inaccurate. The focus is on clear factual errors, not typing mistakes.
This could include a discrepancy with a:
- person listed as a PSC
- missing PSC
- PSC exemption
- PSC type
- place of registration
- date of birth
- legal form
- company statement
Head of PSC Compliance at Companies House Lee Robins said:
“Organisations subject to anti-money laundering regulations will already be familiar with the steps they need to take in order to achieve compliance.
“However, these entities must now report any fundamental differences between beneficial ownership information held by a client and the details on the Companies House PSC register.
“This will bolster the measures we’ve already taken to improve the integrity of our PSC data.”