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  Sanctions and Anti-Money Laundering Bill - New Clause 13 - Requirement for Companies House and Others to Identify Beneficial Ownwers of Companies on Formation
  
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  @ MP voted aye to require Companies House and company formation agents to establish the identity and business risk profile of all beneficial owners of a company when it is formed.
  @ MP voted no against requiring Companies House and company formation agents to establish the identity and business risk profile of all beneficial owners of a company when it is formed.
  
  The majority of MPs voted against requiring Companies House and company formation agents to establish the identity and business risk profile of all beneficial owners of a company when it is formed.
  
  MPs were considering the Sanctions and Anti-Money Laundering Bill[1].
  
  The proposed new clause rejected in this Bill was titled: ''Due Diligence'' and stated:
  
  :(1) For the purposes of preventing money laundering, when a company is formed, any company formation agent providing formation services must ensure that the identity and business risk profile of all beneficial owners of the company are established in accordance withâ
  
  :(a) the customer due diligence measures under the [Money Laundering, Terrorist Financing and Transfer of Funds Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (S.I. 2017/692)],
  
  :(b) regulations made under [https://publications.parliament.uk/pa/bills/cbill/2017-2019/0176/cbill_2017-20190176_en_5.htm#pt2-l1g44 section 44] of this Act, or
  
  :(c) the [https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A32015L0849 Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on anti-money laundering measures].
  
  :(2) For the purposes of subsection (1), Companies House is to be treated as a âcompany formation agentâ.â
  
  The rejected amendment was accompanied by the following explanatory clause:
  
  :This new clause would ensure that when a company is formed in the UK, the relevant formation services must identify the beneficial owners of the company. It will also treat Companies House as a âcompany formation agentâ, ensuring that the data on the public register of beneficial ownership for companies is accurate.
  
  ==
  
  * [1] [https://services.parliament.uk/Bills/2017-19/sanctionsandantimoneylaundering/documents.html Parliament's webpage on the Sanctions and Anti-Money Laundering Bill]
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  (put thoughts and notes for other researchers here)
  