{"id":80879,"date":"2017-04-19T13:39:00","date_gmt":"2017-04-19T13:39:00","guid":{"rendered":"http:\/\/mostafa.openonline.co.uk\/?guid=f22ae62cae37d5a10f360002d1715495"},"modified":"2018-03-06T14:42:23","modified_gmt":"2018-03-06T14:42:23","slug":"news-story-changes-to-uk-anti-money-laundering-measures","status":"publish","type":"post","link":"https:\/\/mostafa.openonline.co.uk\/?p=80879","title":{"rendered":"News story: Changes to UK anti-money laundering measures"},"content":{"rendered":"<p><em>Updated:<\/em> Link to PSC guidance added.<\/p>\n<div class=\"govspeak\">\n<p>On 26 June 2017 changes were made to UK anti-money laundering measures to help prevent money laundering and terrorist financing. It increases the transparency of who owns and controls companies in the UK. This legislation made changes to current requirements about people with significant control (<abbr title=\"people with significant control\">PSC<\/abbr>) information.<\/p>\n<h2 id=\"impact-on-companies\">Impact on companies<\/h2>\n<p><abbr title=\"people with significant control\">PSC<\/abbr> information isn\u2019t updated on the confirmation statement (CS01). Instead, you need to tell us whenever there\u2019s a change. You have 14 days to update your register and another 14 days to send us your information.<\/p>\n<p><a href=\"https:\/\/www.gov.uk\/government\/news\/people-with-significant-control-psc-who-controls-your-company\">Our <abbr title=\"people with significant control\">PSC<\/abbr> guidance<\/a> tells you how to identify your <abbr title=\"people with significant control\">PSC<\/abbr>, and send us this information.<\/p>\n<h2 id=\"changes-to-exemptions\">Changes to exemptions<\/h2>\n<p>DTR5 companies are exempt from requirements to hold information about their <abbr title=\"people with significant control\">PSC<\/abbr>. From 26 June these exemptions changed, and you may need to provide <abbr title=\"people with significant control\">PSC<\/abbr> information. If your company\u2019s traded on an EEA or Schedule 1 specified market, it\u2019s still exempt. If your company isn\u2019t exempt, you need to send <abbr title=\"people with significant control\">PSC<\/abbr> information to us when changes take place.<\/p>\n<h2 id=\"impact-on-different-types-of-corporate-bodies\">Impact on different types of corporate bodies<\/h2>\n<h3 id=\"scottish-limited-partnerships-slp\">Scottish Limited Partnerships (SLP)<\/h3>\n<p>From 26 June active SLPs must identify their <abbr title=\"people with significant control\">PSC<\/abbr> and from 24 July send this information to us within 14 days. Any further <abbr title=\"people with significant control\">PSC<\/abbr> changes must be sent to us within 14 days of the change. Every year, you must confirm the details are correct. From 24 July, you need to give <abbr title=\"people with significant control\">PSC<\/abbr> information when registering a new SLP.<\/p>\n<h3 id=\"general-scottish-partnerships-sp\">\u00a0General Scottish Partnerships (SP)<\/h3>\n<p>From 26 June any SP, where all the partners are corporate bodies, need to identify their <abbr title=\"people with significant control\">PSC<\/abbr>. From 24 July, they must register this <abbr title=\"people with significant control\">PSC<\/abbr> information with us. You must tell us of changes within 14 days and confirm this information every year on a confirmation statement.<\/p>\n<h2 id=\"protection-regime\">Protection regime<\/h2>\n<p>There have been changes to the <a href=\"https:\/\/www.gov.uk\/government\/publications\/restricting-the-disclosure-of-your-psc-information\">protection regime<\/a>. When SPs and SLPs provide us with <abbr title=\"people with significant control\">PSC<\/abbr> information, the protection regime becomes available to them. You can apply for a restriction so your information isn\u2019t disclosed on the public register. Only specified public authorities can access this information at the moment for company types in scope of <abbr title=\"people with significant control\">PSC<\/abbr> requirements. The new anti-money laundering legislation extends this to credit and financial institutions, as these carry out customer due diligence. Where appropriate, we\u2019ll make protected <abbr title=\"people with significant control\">PSC<\/abbr> information available to them.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Anti-money laundering measures changed on 26 June 2017.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"_links":{"self":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80879"}],"collection":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=80879"}],"version-history":[{"count":4,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80879\/revisions"}],"predecessor-version":[{"id":89650,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=\/wp\/v2\/posts\/80879\/revisions\/89650"}],"wp:attachment":[{"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=80879"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=80879"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mostafa.openonline.co.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=80879"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}