Companies House: Risk Assessment
The question
To ask the Chancellor of the Exchequer, whether professional body supervisors will share risk assessments of Trusts and Corporate Service Providers with Companies House for (a) assessing and (b) granting authorised Corporate Service Provider status, in the context of the Economic Crime and Corporate Transparency Act 2023.
Answered by Emma Reynolds
The Money Laundering and Terrorist Financing Regulations 2017 require Professional Body Supervisors (PBSs) to identify and assess the risks of money laundering and terrorist financing in their supervised populations.
An integrated reporting mechanism established by the Economic Crime and Corporate Transparency Act 2023 (ECCTA) provides the basis for PBSs and Companies House to exchange relevant information, including risk assessments for use in their review of Authorised Corporate Service Provider (‘ACSP’) applications.
In 2024 the Treasury consulted on amendments to the Money Laundering and Terrorist Financing Regulations to further improve the information sharing and cooperation mechanisms between Companies House and Professional Body Supervisors.
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