Changes to Reporting Material Discrepancies to Companies House

From 1 April 2023, the way obliged entities can report a material discrepancy has changed.

An obliged entity is one which must carry out due diligence checks under anti-money laundering regulations. Obliged entities include, amongst others, financial and credit institutions, independent legal professionals, and estate agents.

Obliged entities carry out due diligence checks on companies under anti-money laundering regulations. They must report differences between the information they gather, and the information held at Companies House.

Specifically, obliged entities must report differences in information about:

• people with significant control (PSC) of a company,

• PSCs of a limited liability partnership (LLP),

• PSCs of an eligible Scottish partnership, and

• the registrable beneficial owner of an overseas entity (from 1 April 2023).

This difference is called a material discrepancy.

See: Changes to reporting material discrepancies to Companies House - GOV.UK (www.gov.uk)