U.K. financial institutions must flag any "clear factual errors" found in the ownership data they collect from legal entities under a rule that took effect Friday, as well as any "material differences" between that data and the disclosures those same clients make to a national register. Guidance issued Friday by Companies House, the government agency that administers the U.K. corporate registry, outlines in detail the steps banks and other financial institutions must take to comply with the rule now in effect and help pinpoint suspicious legal entities amid concerns that U.K.-registered firms have featured prominently in global money-laundering schemes. Financial...
U.K. officials plan to task financial institutions with reporting any discrepancies between the due-diligence data they obtain from their legal-entity clients and the data those same clients submit to Companies House, which administers Great Britain's corporate registry.
Companies House, the United Kingdom's registrar of companies, announced that the Fifth Anti-Money Laundering Directive has come into force, requiring obliged entities to report discrepancies in beneficial ownership information.
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