Economic crime and corporate transparency

The Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023) received Royal Assent on 26 October 2023 and is currently being brought into force over a series of commencement dates.

ECCTA 2023 seeks to deliver a wide range of reforms to increase transparency in relation to a company’s structure and management and to improve the integrity of the information held at Companies House. These include the introduction of:

•
statutory objectives for the Registrar of Companies, which are aimed at reframing the role of Companies House from one of ‘record-keeper’ to ‘gatekeeper’
•
requirements relating to identity verification, so that directors, people with significant control (PSCs) and anyone filing a document at Companies House must have their identity verified by Companies House or an authorised corporate service provider (or ACSP), unless an exemption applies
•
rules to prevent the misuse or abuse of registered company names and business names

To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.

TAKE A FREE TRIAL

Latest Corporate News

FRC publishes update on company size threshold amendments

The Financial Reporting Council (FRC) has released updates to relevant existing publications in response to the Government’s changes to UK company size thresholds, due to come into effect from 6 April 2025. The FRC has also published a summary document, outlining the changes to provide clarity for those reporting in line with the updated framework.

Corporate weekly highlights—20 March 2025

This week's edition of Corporate weekly highlights includes: Companies House’s (a) publication of two guidance documents on identity verification, and (b) launch of a new ACSP registration service, the FCA’s publication of Primary Market Bulletin 54, the re-laying by the DBT of Companies Act 2006 (Recognition of Third Country Qualifications and Practical Training) (Amendment) Regulations 2025 before Parliament and HMT’s publication of an action plan for regulatory reform.

Companies House publishes two guidance documents on identity verification

Companies House has published two guidance documents on identity verification. The first document outlines who needs to verify their identity, the available verification methods, and the consequences of non-verification, among other aspects. The second document provides guidance on when individuals need to verify their identity. From 18 March 2025, authorised corporate service providers (ACSPs) will need to verify their identity to apply to register as a Companies House authorised agent. From 8 April 2025, registered ACSPs can begin verifying their clients' identities. Directors and people with significant control can voluntarily verify their identities from 8 April 2025, with mandatory verification to be introduced at a later date. Currently, individuals who file at Companies House are not required to verify their identities, but this will become a legal requirement in the future.

Companies House launches new ACSP registration service

Companies House has launched a new registration service, allowing third-party corporate service providers, such as accountants, legal professionals, and company formation agents to apply to register as an authorised corporate service provider (ACSP). This service is part of the changes under the Economic Crime and Corporate Transparency Act 2023 (ECCTA 2023). To become an ACSP, businesses must be registered with one of the UK's 25 anti-money laundering supervisory bodies, and the registration process must be completed by a senior member of the business, such as a director.