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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.

OPBAS Launches professional body supervision

 

A new watchdog launches 18 January 2018 to strengthen the UK’s defences against money laundering and terrorist financing.

The Office for Professional Body Anti-Money Laundering Supervision (OPBAS) is a new regulator set up by the government to strengthen the UK’s anti-money laundering (AML) supervisory regime, it is based within the FCA and will work with and ensure all the UK professional body AML supervisors provide consistently high standards of AML supervision and with law enforcement to strengthen cooperation. Continue reading

Christmas Opening Times

Our offices will close at 1.00 pm on Friday 22nd December and re-open on Tuesday 2nd January 2018. BTC online formations and the SmartSearch AML platform will be live and operational 24-7 throughout this period. The office will have a skeleton staff from 27th to 29th December to assist with any customer service queries, this should be done in the first instance by an email enquiry.

Thank you for your business in 2017 we do appreciate it, and we look forward to serving you in 2018.

Steve O’Neill

Professional Enablers of Tax Avoidance and Evasion

In the budget speech the Chancellor announced further measures to tackle professional enablers of tax avoidance and evasion.

The government is investing a further £155 million in additional resources and new technology for HMRC. This investment is forecast to help bring in £2.3 billion of additional tax revenues by allowing HMRC to tackle tax leakage through avoidance and evasion.

In particular, the resource is earmarked for further tackling those who are engaging in marketed tax avoidance schemes, enhancing efforts to tackle the enablers of tax fraud and hold intermediaries accountable for the services they provide using the corporate criminal offence and increasing HMRC’s ability to tackle non-compliance among mid-size businesses and wealthy individuals.

AML Seminars November 2017

Steve O’Neill will be presenting the following anti-money laundering training sessions during November 2017. The talk will include topics such as;

  • What’s new in the 2017 Regulations
  • The new corporate offence of ‘a failure to prevent the facilitation of tax evasion’
  • The proposed new supervisory regime for professional bodies

The venues and professional bodies are;

  • 21 November 2017 AAT Leicester Branch at 6pm
  • 29 November ICAEW Southport Branch at 5.15

For further details of the events please contact the relevant professional body

People with Significant Control (Amendment) Regulations 2017

People with Significant Control (Amendment) Regulations 2017

The Government enacted the legislation necessary to implement changes required by the Fourth Money Laundering Directive to the UK regime for the disclosure of people with significant control (PSCs). Two sets of amending regulations were made at the last minute, both of which came into force on 26 June 2017.

  • the Information about People with Significant Control (Amendment) Regulations 2017 (SI 2017/693); and
  • the Scottish Partnerships (Register of People with Significant Control) Regulations 2017 (SI 2017/694).

Both sets of regulations were laid before Parliament on 23 June, just three days before they came into force. Continue reading

Changes to PSC registers Transitional Arrangements

Changes to PSC registers Transitional Arrangements  

Under the transitional arrangements set out in the Schedule to the 2017 Regulations, the obligation in s. 790VA to notify changes to Companies House applies to a change to a company’s PSC register made before, on or after 26 June 2016 unless the company has already notified the change in a confirmation statement. Any change to the PSC register made before 26 June 2017 that is notifiable under this rule, must be notified to Companies House before the end of the period of 14 days beginning with 26 June 2017. Continue reading