Background
The persons with significant control (PSC) regime has changed to meet the requirements of the Fourth Money Laundering Directive (2015/849/EU) (Directive). The UK, like all member states, had until 26 June 2017 to make the necessary changes to its domestic legislation to comply with the requirements of the Directive.
Whilst the changes are largely as anticipated, the regulations and associated guidance were only published shortly before the implementation date, and so entities will now need to quickly get up to speed to ensure that they are in a position to meet the new requirements.
Our previous briefing note on the anticipated changes to the UK PSC regime can be found here.
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