Last updated: 10 Jan 2020 05:35 Posted in: Anti-money laundering

The Fifth Anti-Money Laundering Directive (5MLD) comes into force today and introduces the requirement for 'obliged entities', including the Association of International Accountants (AIA) Members in Practice, to report certain information discrepancies to Companies House.

From 10 January 2020, all obliged entities must tell Companies House if there’s a discrepancy between the information that they hold about a beneficial owner and information on the Companies House people with significant control (PSC) register.
The requirement extends to any obliged entity required to carry out customer due diligence under anti-money laundering regulations.
Amendments to the regulations also include:
  • requirements to collect proof of registration for entities
  • requirements to inform the Companies House of any discrepancies
  • changes to client due diligence and enhanced due diligence
The accountancy sector is currently drafting updated guidance on the regulations, which will then require HM Treasury approval before being released to members.