People with Significant Control (PSC) – what to do next
Changes to UK anti-money laundering measures were introduced in June to help prevent terrorist financing. One part of this will increase the transparency of who owns and controls companies and changes have been made to the information now required about people with significant control (PSC).
Since its introduction in June 2016, the Confirmation Statement (CS01/LLSC01) has allowed Companies and LLPs to tell Companies House who their PSCs are and to notify them about any changes. From 26 June 2017, the CS01 no longer updates the PSC records at Companies House. Any changes must instead be completed on the PSC forms and be submitted within 28 days of a change occurring. The PSC register must also be updated within 14 days of the change.
PSC01-09 and LLPSC01-09 are not new forms, they were introduced at the same time as the CS01 to allow those whose PSC registers were kept on public record to keep them up to date as and when changes occurred. These forms will now be used by all companies and LLPs regardless of where the PSC registers are held. Use of the forms will be triggered by a range of events including, for example, when there is a new PSC, when a PSC moves or the nature of their control changes.
There may be some companies or LLPs who still need to report PSC changes to Companies House that took place before 26 June 2017. These changes should be reported as soon as possible and well in advance of the next CS01.
Any failure in following these requirements is a criminal offence and can result in a fine or a prison sentence of up to two years.
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