UK Officials Order Banks to Report Factual Errors, Discrepancies in Ownership Data

By Koos Couvée and Gabriel Vedrenne

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...