On 26 June 2017 changes were made to UK anti-money laundering measures, increasing the transparency of who owns and controls companies in the UK.
This legislation made changes to requirements about people with significant control (PSC) information, which must be recorded on the PSC register.
It is important that the register contains the official wording and is updated regularly. The information is then extracted for the annual confirmation statement which is sent to Companies House.
The wording to be used in the register is:
- No PSCs or registrable RLEs
The company knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the company.
The LLP knows or has reasonable cause to believe that there is no registrable person or registrable relevant legal entity in relation to the LLP.
- Unidentified PSC
The company knows or has reasonable cause to believe that there is a registrable person in relation to the company but it has not identified the registrable person.
The LLP knows or has reasonable cause to believe that there is a registrable person in relation to the LLP but it has not identified the registrable person.
- Unconfirmed particulars
The company has identified a registrable person in relation to the company but all of the required particulars of that person have not been confirmed.
The LLP has identified a registrable person in relation to the LLP but all of the required particulars of that person have not been confirmed.
- Taking reasonable steps
The company has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the company.
The LLP has not yet completed taking reasonable steps to find out if there is anyone who is a registrable person or a registrable relevant legal entity in relation to the LLP.
ACCA has produced a guide for your clients, Company ownership and control – PSC register, available from the 'Related documents' section on this page.
