If you have bought a house, opened a bank account, or indeed done anything of an official nature which includes a financial transaction, you’ll be aware that it’s a legal requirement that checks on your identity are carried out, as part of money laundering regulations and prevention of identity fraud.
From June 2017 even more changes will be introduced which are designed to further tighten up and prevent money laundering and terrorist financing – these changes are around who owns and controls companies in the UK.
People with Significant Control of companies (PSCs) will now be required to inform Companies House about any changes in their circumstances pretty much immediately, instead of annually.
This is a significant change and so it’s important that all businesses understand their reporting responsibilities and either file the change themselves or notify us at Jones Harris straight away.
Changes which should be notified include changes of address and changes to percentage shareholdings, amongst others.
We have now submitted most clients’ first CS01 forms, however the changes to legislation mean any changes to the details of the PSCs in a company should be reported to Companies House within 28 days of any change (from 26 June 2017). You will have 14 days to update your register and another 14 days to submit the information to Companies House.
These timescales are quite tight and we must stress the need for clients to communicate any changes in their circumstances to us as soon as possible.
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