From 26 June, new rules regarding how companies and LLPs notify Companies House about their People with Significant Control (PSC) register will come into place.
In June last year it was made a legal requirement to supply a PSC register to Companies House as part of their annual confirmation statement using form CS01 once a year. This effectively allowed companies to provide the information and update the public record up to one year in arrears.
However, from next month the PSC information available on the public record must be current under the new provisions of the EU Fourth Money Laundering Directive.
This will mean that instead of the annual update within the Confirmation Statement, businesses will need to follow Companies House new guidance. It is introducing a series of new forms that will be used to notify PSC register changes as soon as they occur, while also removing the ability to notify PSC details using the confirmation statement.
The statement will instead only be used to confirm that PSC information held by Companies House is up to date.
It is vitally important that companies and LLPs comply with the PSC register rules. Failure to meet these requirements is a criminal offence and could result in a prosecution.
For advice on meeting the new filing requirements and help to keep your business compliant with all legislation, please contact us.