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

Verification: general U.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) [F1 subject 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.

Textual Amendments

F1 Words in reg. 6(6)(b) inserted (12.1.2023) by The Register of Overseas Entities (Verification and Provision of Information) (Amendment) Regulations 2022 (S.I. 2022/1389), regs. 1(1), 2(3)

F2 Reg. 6(6)(ba) inserted (12.1.2023) by The Register of Overseas Entities (Verification and Provision of Information) (Amendment) Regulations 2022 (S.I. 2022/1389), regs. 1(1), 2(4)

Commencement Information

I1 Reg. 6 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.