UK Export Finance (UKEF) and South Korea’s export…
1. Changes to reporting material discrepancies to Companies House
From 1 April 2023, the way obliged entities can report a material discrepancy has changed.
An obliged entity is one which must carry out due diligence checks under anti-money laundering regulations. Obliged entities include, amongst others, financial and credit institutions, independent legal professionals, and estate agents.
Obliged entities carry out due diligence checks on companies under anti-money laundering regulations. They must report differences between the information they gather, and the information held at Companies House.
Specifically, obliged entities must report differences in information about:
- people with significant control (PSC) of a company,
- PSCs of a limited liability partnership (LLP),
- PSCs of an eligible Scottish partnership, and
- the registrable beneficial owner of an overseas entity (from 1 April 2023).
This difference is called a material discrepancy.