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.
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.
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