Over 50,000 UK businesses do not comply with AML measures, research reveals

17/05/2018 News Team

Around 57,227 of British companies are still not declaring their People with Significant Control (PSCs) as they should be despite regulations designed to counter fraud and money laundering offences being tightened last year, anti-money laundering (AML) specialist firm, Fortytwo Data, has revealed.

The rules surrounding PSCs were tightened in June last year following their introduction in April 2016, with every UK company now legally obliged to maintain a register of PSCs and to record this information with Companies House within 14 days.

PSCs are those who own at least 25 percent of a company’s shares or finances, who control at least 25 percent of its voting rights, or have control over appointments to the board of directors.

According to the National Crime Agency, at least £90 billion in criminal proceeds is believed to be laundered in the UK annually. 

The PSC register is designed to reduce the ability of money launderers to store and funnel cash using legitimate corporate entities.

It is a criminal offence not to follow the PSC requirements, with potential sanctions including fines for the companies involved and up to two years in prison for the culpable individuals.

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