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.
Officer Eye Colour
As a gentle reminder, please remember that from 25 May 2018 Companies House have also removed the option for Eye Colour from the digital signature questions. Our latest update will take that into consideration.
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.