PSC regime updated as changes to anti-money laundering measures come into effect

Lynne Walker

Lynne Walker

Partner and Head of Business Advisory

On Monday 26 June changes were made to the UK anti-money laundering measures which have resulted in changes around the reporting of People with Significant Control (PSC) information.

All companies are required to “check and confirm” PSC information on an annual basis via their confirmation statement. Where changes had occurred in the year affecting areas such as the statement of capital and shareholder information, the previous rules allowed for these areas to be updated on the confirmation statement.

What are the key changes?

From 26 June, the filing of PSC information will become event driven and changes to the PSC information can no longer be updated on the confirmation statement. Instead forms PSC01 to PSC09 will need to be submitted detailing the changes. You then have 14 days to update the company register and another 14 days to send the information to Companies House. 

Are there any other changes?

The scope of the PSC regime has also been broadened. Scottish Limited Partnerships and General Scottish Partnerships (where the partners are corporate bodies) must also now identify their PSCs and from the 24th July send this information to Companies House within 14 days.

What do you need to do?

This is a significant change to the current requirements. Going forward you will need to inform your accountant on a timely basis of any changes to your PSC information. That way they can ensure the necessary forms are submitted to Companies House within the deadline and where necessary,, statutory records are updated.

Should you have any questions about the new PSC rules and how they affect your company, please get in touch with me, Lynne Walker, or your usual Johnston Carmichael contact.