Law firms under the scope of anti-money laundering rules will benefit from new online reporting tools, it has been announced.
Companies House said the new online service will make it “faster and easier” to report discrepancies in people with significant control (PSC) information.
Solicitors who hold client money, as well as banks, financial institutions, credit agencies, and other “obliged entities”, are required to tell Companies House if there is a material difference between the information that they hold about a PSC of a company (including limited liability partnerships and Scottish limited or qualifying partnerships) and the information that’s on the PSC register.
A person with significant control – also known as a beneficial owner – is someone who owns or controls a company.
The rules form part of the Fifth Anti-Money Laundering Directive (5MLD), which was launched in January 2020.
Commenting on the new service, 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.”
You can report a discrepancy about a PSC using the new online service here.
For help and advice with related matters, please get in touch with our Specialist Accountants for Solicitors.