Q&As

Does the obligation to report a discrepancy about a beneficial owner on the person with significant control register by an obliged entity extend to updating an absent middle name shown in our identification documents?

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Published on LexisPSL on 09/10/2020

The following Practice Compliance Q&A provides comprehensive and up to date legal information covering:

  • Does the obligation to report a discrepancy about a beneficial owner on the person with significant control register by an obliged entity extend to updating an absent middle name shown in our identification documents?

Does the obligation to report a discrepancy about a beneficial owner on the person with significant control register by an obliged entity extend to updating an absent middle name shown in our identification documents?

Regulation 30A, inserted into the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017), SI 2017/692, as amended by the Money Laundering and Terrorist Financing (Amendment) Regulations 2019, SI 2019/1511, from 10 January 2020, creates a requirement before establishing a business relationship with a company or limited liability partnership (LLP) to collect proof of registration or an excerpt of the register from the company, or LLP.

MLR 2017, SI 2017/692, reg 30A requires that if you find a discrepancy between the beneficial ownership information on the registers and the information made available to you in the course of carrying out client due diligence, you must

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