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Implementation of the Fifth Money Laundering Directive

Fifth Money Laundering Directive

This latest directive revisits certain areas of the Fourth Directive to further strengthen transparency and counter-terrorist provisions. The requirements of 5MLD must come into effect through national law by 10 January 2020 in line with Article 4 of the 5MLD.

The Fifth Directive introduces a number of elements to strengthen the UK Regime;

  • New obliged entities
  • Electronic money
  • Customer Due Diligence (CDD)
  • Obliged entities: beneficial ownership requirements
  • Enhanced Due Diligence
  • Politically Exposed Persons
  • Mechanisms to report discrepancies in beneficial ownership information
  • Trust Registration service
  • National register of bank account ownership
  • Reporting by Treasury
  • Pooled client accounts Continue reading

Business Credit Reports Available Through SmartSearch

Some good news about a further expansion to the BTC AML Search service, the SmartSearch search platform now has Business Credit Reports powered by Experian becoming available on 15 July. This is an additional service and as such carries an additional cost to the normal company search, each additional credit report search is priced at £6.50+vat in addition to the normal search cost.  Continue reading

Government Consultation of fifth Money laundering Directive

Fifth Money Laundering Directive

The consultation invites comments, evidence and views from stakeholders. Responses to this consultation will then be used to inform final government decisions on transposition. The government intends that the new provisions will come into force in national law by 10 January 2020, in line with Article 4 of 5MLD. Continue reading

Christmas Holiday Support

Christmas Opening Hours

We will be closing the office on Wednesday 19 December 2018 since this is the last day we can despatch documents for pre-Christmas delivery. However, our online systems are open 24 hours every day. We will be having a long weekend break, much deserved, so there will be no telephone support, Thursday 20th, Friday 21st and Monday 24th December telephone support services will remain unavailable until Thursday 2nd January when the office will be fully opened.

During the holiday period there will be email support on businesstax@btc-nw.co.uk each day barring the statutory holidays, so if there is an urgent problem, we can contact you to help to resolve.

Have a good festive season and we thank you for your continued custom during the year.

Companies House Gateway Rejections

We would like to provide an update on the current state of the Companies House gateway.

Companies House’s systems are currently becoming intermittently unresponsive for prolonged periods of time. This is leading to many submissions being returned with a variant on one of the following errors:

  • Companies House Error: No data received from ngsrv
  • Companies House Error: Not a “HTTPS” request
  • Transmission Failure (Failed to send data request.)

Unfortunately, as these are all responses directly from Companies House’s systems on seemingly valid submissions. This is also causing services that rely on Companies House, such as the name check functionality, to become slow and unreliable.

Our programme providers have been speaking with Companies House since Monday in relation to these errors in hopes that a solution could be found, presently Companies House are unable to provide a timescale as to when these errors will be resolved.

For the time being, we will continue to resubmit these rejections as some submissions are being picked up by their system during the small windows where the gateway is functioning correctly. We are also temporarily returning all company names as available to prevent customers being turned away prior to starting an order, this will result in some orders being raised with company names that are unavailable, however, the alternative is that customers could see lengthy delays before being able to start an order.

Companies House Down Time

Companies House have advised they will not be processing submissions from 12 noon, Friday the 7th of September until Monday the 10th of September. Same day submissions must be submitted by 12 noon on the 7th of September.

We will still be holding all submissions in this time frame in review and will submit once the service has restarted on Monday, Experience tells us some orders can be lost at Companies House during these periods of maintenance.

GDPR Rollout

E-Filing Software: When Data Anonymisation Begins

We will be rolling out the latest stage of updates to accommodate for GDPR options tonight 24 May 2018. Our system will restart Friday 25th May.

We are obliged under the Money Laundering Regulations to retain records of transactions for a period of five years from ceasing a relationship. Please note that we will not commence the procedure for anonymising any historic data based on our configuration options until 6th June.

Understanding Historical Last Active Date

For historic, old, records the software never used to store the concept of a “Last Active Date” for customers. This means that for some of our longer standing customers we will be back filling this information based on the following assumptions.

First, we will check when the last Order was placed by the customer or invoice raised or payment made, or if not then revert to the last Incorporation date of any companies on their account, or if that does not exist we will then revert to the date the user account was created.

PSC register risks

Failure to report on PSC register risks criminal prosecution

Since 26 June 2017 Companies House has been contacting, usually by formal letter, those individuals and companies who have not complied with the PSC Regulations.

Now harsher action is to be taken as it is a criminal offence not to comply with the new transparency of ownership rules.

This next phase to ensure that individuals and companies comply with the new regulations this means Companies House will pass on details of potential criminality to the Insolvency Service’s Criminal Enforcement Team, to investigate offences under Part 21A of the Companies Act on behalf of the Department of Business, Energy and Industrial Strategy (BEIS), and issue criminal proceedings where appropriate.

The requirements to keep a PSC register are set out in Part 21A of the Companies Act 2006.

A person with significant control (PSC) is someone who owns or controls a company, and is also known as ‘beneficial owners’. Most PSCs are likely to be people who hold more than 25% of shares in the company, more than 25% of voting rights in the company and have the right to appoint or remove the majority of the board of directors.
The Register of People with Significant Control Regulations 2016 (PSC) was introduced in April 2016. It requires all UK companies (including charitable companies and subsidiaries of exempted companies) and limited liability partnerships (LLPs) and certain Scottish partnerships to keep a PSC register, and people who control companies or other relevant entities will be subject to a disclosure requirement.

Around 98.5% of companies have complied with PSC regulations, Companies House confirmed. There are still around 50,000 companies flouting the rules.

General Data Protection Regulations (GDPR) Policies

General Data Protection Regulations (GDPR)

we would like to bring you up to date with the changes we are making to the system to ensure GDPR compliance.

Our Customers will need to Opt-In to our GDPR policy to allow us to store their data. For a web user customer of the E-Filing company software, you as a user will be asked the new GDPR opt in question when registering or paying for an order. This will appear at the end of the order process below the T&C’s.

If you are a returning user who has previously opted-in, you will not see the question again and if you wish to opt-out you will need to go to the My Account area where you can update your preference.

Every night the E-Filing system will check user accounts that have opted out of GDPR. The system will disable and anonymise the account and all its contents if they are no longer ‘active’. We will identify an ‘active’ customer as follows;

  • Customer has logged in or visited your website as a logged in customer within a five-year timeframe as the prescribed record keeping requirements within the Money Laundering Regulations 2017.
  • Has pending orders, this includes Companies House form filings.
  • Has pending leads still outstanding with a partner.
  • Has active services running, such as a Registered Address service.
  • Has positive account or negative account balance.

For full details of our policies see out full GDPR document in our privacy page.