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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.

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

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.

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

Electronic Verification of Customers

With the advent of the Money Laundering Regulations 2017 just around the corner, getting your policies and procedures ship shape and compliant with the new Regulations can be time consuming especially in the light of Regulation 18(4) which states ‘A relevant person must keep an up-to-date written record of all steps it has taken’ which means your procedures may be asked for by your Supervisory body.

At the heart of the Regulations has always been knowing who you deal with and as such the verification of the client and any beneficial owners are paramount. The new JMLSG guidance in 5.3.14 makes it clear on the verification of not just the customer but also any beneficial owners.

Verification methods have noticeably shifted away from ‘so called identity documents’ to electronic verification, which can offer a much more reliable range of verification data without meeting the customer or beneficial owner face to face.

The range of verification SmartSearches we offer as an agent of Smart Credit are one of the most advanced and reliable offered in the UK covering individuals and company compliance issues.

Please contact us to see how we can help you with your verification of customers on a non-contractual basis.

Seminar Invitation: Anti Money Laundering Update

The next in the Lifecycle national series of FREE training courses is taking place at a venue near you in May 2017.

This series of free seminars is taking place across the UK in May and sees Steve O’Neill, from our partner BTC, present his thoughts on the impact of the new legislation within the Money Laundering Regulations 2017 which are due to come into force later this year.

In his sessions, he will provide an overview of some of the more recent developments that will take place with the introduction of the new legislation that is due to come into effect on 26 June 2017. Continue reading

PSC requirements – What you must do

PEOPLE WITH SIGNIFICANT CONTROL (PSC)

From April 2016

You need to start keeping a record of the people who control your company. There are criminal penalties if you don’t do this.

For most companies these will be individuals who:

  • Hold more than 25% of the company’s shares
  • Hold more than 25% of the company’s voting rights
  • Have the right to appoint or remove the majority of directors

If an individual does not meet the above conditions, check to see if you have anyone who:

  • Has the right to, or actually exercises, significant influence or control over the company

It could also be individual who:

  • Has the right to, or actually exercises, significant influence or control over a trust or company that meets one of the above conditions

There is some more information on how to identify your PSCs:
This is the statutory guidance issued by BIS Continue reading

People of Significant Control (PSC) Update

Incorporation Order Form

PSC’s must be provided upon Incorporation by the company, unless they have reason to believe that they don’t have any PSC’s, which will be rare.

The order form been modified to cater for these changes with the inclusion of: ‘Legal Person’, PSC Officer role and Nature of Control questions. The software suppliers have sought legal advice to ensure that the system complies with the new legislation but we understand that this may not necessarily result in the most practical of a user interface, they have already taken steps to improve the user experience and there will be further updates to the order form throughout July and August.

• You can now preview the form here: http://uat.order.efiling.co.uk/buy/standard/ Continue reading

PSC Registers Inserts

PSC Registers

We have added to our online shop inserts for Combined Company Registers purchased before April 2016 to cater for the new legislation for registers of Persons With Significant Control (PSC).

These come complete with a divider designed for the Ring binder styled combined registers. The section is divided into two parts, the first being for the information which is be disclosed when requested, the second part for the information that must not be disclosed. Included is guidance on the official wording for entries on the PSC registers

Failure to keep the Company’s PSC is a criminal offence.