Businesses required to report discrepancies in people with significant control (PSC) information to Companies House will benefit from a new digital reporting system, it has been announced.
The Government said the online service will support those within the scope of the Fifth Anti-Money Laundering Directive (5MLD).
Known as “obliged entities”, most financial institutions, credit reference agencies, and professional services firms are required to carry out customer due diligence and tell Companies House if there is a “material difference” between the information that they hold about a PSC of a company and the information that’s on the PSC register.
Companies House said its new online service will make this process both “faster and “easier”.
The PSC register – launched in 2016 – holds the details of beneficial owners, the person or people who own the company.
Commenting on the announcement, Lee Robins, Enforcement Service Manager at Companies House, said: “While our previous reporting tool has allowed obliged entities to submit discrepancy reports, the new service will drastically improve the user journey and quality of information reported.
“All discrepancies investigated and data corrected directly improves the quality and integrity of the PSC register. This data is crucial in the wider challenge of tackling economic crime.”
How to use the new online reporting service
To report a discrepancy, you’ll need:
- the company number of the entity being reported as having a discrepancy
- the type of discrepancy
- the information on the PSC register you believe is incorrect, for example, an incorrect address or an error in the nature of control
- the correct information as you believe it should be shown on the register
- any other relevant information about the discrepancy that supports the report
For help and advice with related matters, please get in touch with our team today.