Anti-Money Laundering · glossary
A gap between the PSC register and the firm’s own checks that may reasonably be linked to laundering, or may hide details of the client’s business. The firm must report it to Companies House. Merranby’s register left out the trust behind its owner. CDD Record: Merranby, paragraph 7 · Chapter 3 · see PSC register
Explained in Chapter 3, Client Due Diligence on a Company and the PSC Register, of Anti-Money Laundering.
Sometimes the register and the firm’s own checks do not match. The gap is a material discrepancy if it may reasonably be linked to laundering, or may hide details of the client’s business. The firm must then report it to Companies House, so the public record can be put right.Read Chapter 3, Client Due Diligence on a Company and the PSC Register →
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