The PSC regime: changes following implementation of the Fourth Anti Money Laundering Directive
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The Information about People with Significant Control (Amendment) Regulations 2017 came into force on 26 June 2017 and make changes to the existing people with significant control ("PSC") regime as required to implement Article 30 of the 4th Anti Money Laundering Directive (EU) 2015/849. Pursuant to the regulations, the scope of the PSC regime, requiring disclosure of PSCs, has been extended to include companies listed on AIM and NEX, as well as unregistered companies. A modified form of the regime will also apply to certain Scottish partnerships. In addition, companies are now required to update their registers within 14 days of any changes to the particulars of their PSCs.
This note sets out a brief overview of the new requirements and highlights some practical issues arising from the new rules.
