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The corporate landscape in the UK is undergoing significant changes, driven by the Economic Crime and Corporate Transparency Act 2023. One of the key reforms is the introduction of mandatory identity verification for directors, persons with significant control (PSCs), and those filing on behalf of companies with Companies House. This shift aims to enhance transparency and deter financial crime by ensuring individuals are who they claim to be. As these changes are set to become compulsory from autumn 2025, businesses must prepare proactively to navigate this new regulatory environment effectively.
The decision to implement identity verification stems from the need to strengthen corporate governance and prevent the misuse of UK companies for illicit activities. As part of a broader effort to combat economic crime, money laundering, and fraud, Companies House is evolving from a passive data repository to an active gatekeeper. This transformation involves greater scrutiny of individuals involved in company formation and management, making it essential for businesses to comply with these new requirements.
The identity verification process applies to several key groups:
Companies House offers two primary methods for identity verification:
This option involves a digital service where individuals link their primary identity documents, such as a passport or driving license, using scanning and likeness-matching technology. Although primarily online, alternative methods are available for those unable to access digital services. Individuals can use the GOV.UK One Login service starting from April 8, 2025.
From March 18, 2025, businesses can use ACSPs, such as registered solicitors or accountants, who are supervised for anti-money laundering purposes. These providers can facilitate the verification process on behalf of their clients.
Understanding the rollout timeline is crucial for compliance:
To ensure a smooth transition, businesses should consider the following steps:
Assess current protocols for engaging with Companies House and update them to incorporate identity verification procedures.
Consider partnering with authorized service providers to streamline the verification process, especially if direct digital verification is not feasible.
Regularly check updates from Companies House and other regulatory bodies to stay ahead of evolving requirements.
Failure to comply can result in significant consequences:
The process involves using the GOV.UK One Login service, which allows users to upload ID documents and complete a facial recognition scan. Alternatively, individuals can use security questions or visit a Post Office for in-branch verification.
ACSPs can play a critical role in facilitating identity verification for businesses, especially those without access to digital verification methods. These providers must register with Companies House and confirm their supervisory status before offering services.
The new identity verification requirements underscore a pivotal shift in how UK companies are managed and regulated. As businesses prepare for these changes, they should focus on:
The reforms introduced by the Economic Crime and Corporate Transparency Act 2023 signal a significant step towards enhancing transparency and combating financial crime in the UK. By understanding and adapting to these changes, businesses can ensure they remain compliant and continue to operate effectively within the evolving corporate landscape.
