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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