Accountants, professional advisers and other 'obliged entities' can now report a discrepancy about a beneficial owner on the Persons of Significant Control register online.

Obliged entities must notify Companies if there’s a discrepancy between the information on the PSC register and the information they hold about a beneficial owner of a:

  • Company.
  • Limited Liability Partnership (LLP).
  • Scottish Limited Partnership (SLP).
  • Scottish Qualifying Partnership (SQP).

The requirement to report discrepancies lies with any entity required to carry out due diligence checks under anti-money laundering regulations and the Fifth Anti-Money Laundering Directive (5MLD).

Obliged entities include:

  • Credit institutions.
  • Financial institutions.
  • Auditors, external accountants or tax advisors.
  • Notaries or other independent legal professionals.
  • Trusts or company service providers.
  • Estate agents, including when acting as intermediaries.
  • Other persons trading goods in cash amounting to €10,000 or more.
  • Gambling services.
  • Exchange services between virtual and fiat currencies.
  • Custodian wallet providers.
  • Art dealers in galleries and auction houses.
  • Art dealers in free ports.
  • Insolvency practitioners.

Practically speaking, an accountant will typically notice a discrepancy when on-boarding a new client or during checks as part of their annual firm-wide risk assessment. 

Useful guides on this topic

AML: Checklist incorporating AML 5
This checklist incorporates the changes made by Anti-Money Laundering Directive 5. 

AML: Anti-Money Laundering Zone
Anti-Money Laundering (AML) Zone takes you to our supporting AML guides, checklists and articles.

External links

Make a report now: Report a discrepancy

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