The implementation of the EU Fourth Money Laundering Directive will result in increased transparency of who owns and controls companies in the UK. The changes will affect the requirements to notify Companies House of changes in Persons with Significant Control (PSC).
How will you be affected?
From the 26th June 2017 PSC information will no longer be updated on the annual Confirmation Statement, instead changes will need to be reported to Companies House as the event happens. Companies will have 14 days to update their register (from the date when the information is confirmed) and a further 14 days to send the information through to Companies House, using the new PSC01 to PSC09 forms.
What action do you need to take?
If Champion files returns on your behalf, from now on you need to notify us immediately if there are any changes to your PSC information. We will then update your register and send the relevant information to Companies House within the 14 day period to ensure you remain compliant.
If Champion do not file your Companies House returns for you and changes have taken place since your last Confirmation Statement was filed, then, for changes taking place before 26 June, you need to file an updated Confirmation Statement immediately. For changes taking place after 26 June, you need to remember to update this information yourself using the new forms.
If you have any queries or you would like to discuss these changes further, please contact your local Champion office.