From 26 June details of PSC Information will no longer be updated on the confirmation statement (CS01). Instead, companies will need to inform Companies House on forms PSC01 to PSC09 whenever changes occur. Companies will have a 14-day window in which to update their internal registers and a further 14 days to send the new information to Companies House. Therefore, a maximum filing time of 28 days from the date of the event. Continue reading “Changes to PSC Information Filing Requirements”
Tag: Money Laundering Regulations
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 “Seminar Invitation: Anti Money Laundering Update”
Tax advisers to send warning letters on taxing offshore assets
Offshore Assets
HMRC has published guidance on a letter which tax advisers and financial institutions may need to send to clients who have income or assets overseas, explaining its wider powers to exchange tax information with other jurisdictions and urging anyone who is in doubt about their offshore tax position to seek advice
Accountants and tax advisers should also have regard for companies they act for that have an offshore or overseas shareholding, especially from recognised tax havens such as BVI or the Channel Islands. Advisers should be aware that this type of company may not have been declared to them. This again will extend to clients who may own overseas properties through overseas companies. Continue reading “Tax advisers to send warning letters on taxing offshore assets”
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 “People of Significant Control (PSC) Update”
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.
Money Laundering Supervison
Steve O’Neill reviews the latest statement concerning Money Laundering Supervision
The UK’s supervisory approach to compliance of obliged entities to the Money Laundering Regulations were branded “woefully inadequate” and are failing to block “corrupt money” and terrorist funds, an anti-corruption body has warned.
This statement was made by Transparency International UK who went on to say billions of pounds of “dirty cash” is entering Britain every year. They state that this is partly due to a fragmented network of regulators means that only a very small amount is being investigated.
Fourth Anti-Money Laundering Directive
Fourth Anti-Money Laundering Directive
Over the coming weeks I will be posting a number of articles concerning the Fourth Anti-Money Laundering Directive (4th AMLD) which came into force on 26 June 2015. The United Kingdom and all other EU Member States have 2 years within which to enact its content domestically.
The UK has already started to implement some of the requirements through the roll out of the Small Business, Enterprise and Employment Act, which has now implemented two of its five roll outs.
In this first article I look at the new terminology being used for regulated business, financial thresholds and lawyers’ client accounts. These all may have an impact of the accounting professional, for example, many clients of accountants may be high value dealers or potential high value dealers who need informing of the new thresholds.
To read the article click on this link.
HMRC prepares to triple serious tax evasion prosecutions
Tax evasion and aggressive tax avoidance has been at the forefront of many recent budgets. Measures have been announced to collect more of the tax due by targeting HMRC resources to these areas.
The Financial Times (FT) today discusses a drive by HMRC to triple the number of prosecutions of serious and complex tax evaders. The crackdown announced by George Osborne in his Summer Budget will be spearheaded by the civil and criminal investigations teams at the Revenue. Continue reading “HMRC prepares to triple serious tax evasion prosecutions”
CCAB issues a reminder for practitioners to stay vigilant over money laundering
CCAB Guidance over Money Laundering
With ‘The Register of People With Significant Control’ (Beneficial Owner) legislation receiving its final tweaks before going live at the end of the year and with the 4th European Money Laundering Directive (4MLD) being passed in June, the Consultative Committee of Accountancy Bodies (CCAB) has published a useful guidance document reminding accounting service providers (obliged practitioners) of the importance of safe-guarding against money laundering. Continue reading “CCAB issues a reminder for practitioners to stay vigilant over money laundering”