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Suzanne Townley

News Editor, Solicitors Journal

People with Significant Control tool

People with Significant Control tool


The Companies House tool allows discrepancies to be reported

Companies House has launched an online service to make it easier for businesses to report discrepancies in people with significant control (PSC) information under the Fifth Anti-Money Laundering Directive (5MLD). Obliged entities (OEs), including banks, financial institutions and credit reference agencies, are required to carry out customer due diligence and report PSC information discrepancies to Companies House. OEs must report if there’s a material difference between the information they hold and the information that’s on the register. Non-compliance can lead to sanctions under the Money Laundering Regulations.