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ARTICLE · 01 MAY 2023

Changes To Discrepancy Reporting Requirements

Herbert Smith Freehills Kramer LLP
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Amendments have been made to the obligations imposed upon regulated persons to report discrepancies between information on a company's beneficial ownership...

United KingdomCorporate/Commercial Law
Sarah Hawes
Sarah Hawes
Michael Jacobs
Michael Jacobs
Roddy Martin
Roddy Martin

Amendments have been made to the obligations imposed upon regulated persons to report discrepancies between information on a company's beneficial ownership which they hold and the information which is available at Companies House.

Regulated persons (for money laundering purposes) are, when onboarding new customers, required to report to Companies House any discrepancies between information they hold about their customers' beneficial owners and the information recorded at Companies House about the company's 'persons with significant control' (PSC). A similar reporting obligation applies in relation to trusts registered with HMRC.

On 1 April 2023 the Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 (2022/860) amended the existing discrepancy reporting regime. Changes made to the regime include:

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