Search Legislation

The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening Options

Changes over time for: PART 2

 Help about opening options

Changes to legislation:

There are currently no known outstanding effects for the The Register of Overseas Entities (Verification and Provision of Information) Regulations 2022, PART 2. Help about Changes to Legislation

Close

Changes to Legislation

Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.

PART 2U.K.Verification

Verification: generalU.K.

6.—(1) An overseas entity may only undertake a relevant activity after a relevant person has verified the relevant information.

(2) Where a relevant person verifies information under paragraph (1), the verification is valid for the period of three months beginning with the day on which the relevant person verifies the information.

(3) Where a relevant person—

(a)has verified relevant information on behalf of an overseas entity; and

(b)delivers the relevant information to the registrar themselves,

they must deliver the statement referred to in paragraph (5) at the same time.

(4) Where a relevant person—

(a)has verified relevant information on behalf of an overseas entity; and

(b)does not deliver that relevant information to the registrar themselves,

they must deliver the statement referred to in paragraph (5) to the registrar within 14 days of that information being delivered to the registrar.

(5) The statement is a statement to the registrar providing—

(a)confirmation that—

(i)the relevant person has undertaken the verification of the relevant information; and

(ii)that verification has complied with the requirements of these Regulations and the ECTEA;

(b)the date on which the verification was undertaken;

(c)the names of the registrable beneficial owners(1), and as the case may be, the managing officers(2) whose identity has been verified, but where it has not been possible to obtain full names, so much of that information as it has been possible to obtain;

(d)the relevant person’s service address;

(e)the relevant person’s email address;

(f)the name of the relevant person’s supervisory authority;

(g)where available, the relevant person’s registration number, or a copy of the certification details, given to the relevant person by their supervisory authority; and

(h)the name of the individual with overall responsibility for identity checks, where that is different to the name of the relevant person.

(6) For the purposes of this regulation—

(a)“supervisory authority” in relation to any relevant person, means the supervisory authority specified for such a person by regulation 7 of the Money Laundering Regulations;

(b)[F1subject to sub-paragraph (ba),] “verify” means verify on the basis of documents or information in either case obtained from a reliable source which is independent of the person whose identity is being verified, and “verified” and “verification” are to be interpreted accordingly;

[F2(ba)a relevant person may verify the following on the basis of documents or information in either case obtained from a reliable source which is not independent of the person whose identity is being verified—

(i)which of the conditions in paragraph 6 of Schedule 2 to the ECTEA is met in relation to a registrable beneficial owner;

(ii)the required information in paragraphs 3(1)(d) and 5(1)(f) of Schedule 1 to the ECTEA;]

(c)documents issued or made available by an official body are to be regarded as being independent of a person even if they are provided or made available to the relevant person by or on behalf of that person.

Verification: individualsU.K.

7.—(1) This regulation applies where a relevant person seeks to verify relevant information relating to an individual.

(2) A relevant person must not be—

(a)a family member of the individual;

(b)a known close associate of the individual;

(c)the same individual as the information relates to.

(3) An individual’s family members include—

(a)their spouse or civil partner;

(b)any other person (whether of a different sex or the same sex) with whom the individual lives as partner in an enduring family relationship;

(c)their grandparent or grandchild, sister, brother, aunt or uncle, or nephew or niece;

(d)their children or step-children;

(e)the spouses or civil partners of those children or step-children;

(f)any other person (whether of a different sex or the same sex) with whom any of those children or step-children lives as partner in an enduring family relationship;

(g)the children or step-children of a person within paragraph (b) (and who are not children or step-children of the individual) who live with the individual and have not attained the age of 18;

(h)their parents.

(4) A known close associate of an individual means—

(a)an individual known to have joint beneficial ownership of a legal entity or a legal arrangement F3... with the individual;

[F4(aa)an individual who is an officer of a legal entity or legal arrangement of which the person whose identity is being verified is also an officer or who is engaged in a joint venture with that person;]

(b)an individual who has sole beneficial ownership of a legal entity or a legal arrangement which is known to have been set up for the benefit of the individual.

Retention of informationU.K.

8.—(1) This regulation applies in respect of any material [F5obtained or received by a relevant person] for the purpose of verifying relevant information.

(2) The relevant person must keep copies of the material mentioned in paragraph (1) for the period of five years beginning with the day on which that person verifies the information.

Textual Amendments

Commencement Information

I3Reg. 8 comes into force in accordance with reg. 1(1)

(1)

“Registrable beneficial owner” has the meaning given in Schedule 2 to the ECTEA.

(2)

“Managing officer” has the meaning give in section 44(1) of the ECTEA.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

See additional information alongside the content

Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.

Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Timeline of Changes

This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.

Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources