As a result of new European wide anti-money laundering legislation, which comes into force at the start of 2017, there are new reporting requirements for companies in the UK.
These took effect from 6th April 2016 and require that ‘people with significant control’ (PSCs), comply with strict new record keeping procedures. Non-compliance will likely result in a financial fine and possibly a criminal prosecution.
Companies should be aware of the following information and reporting changes: