Identity verification of new and existing personnel is one of the significant measures being introduced by the Economic Crime and Corporate Transparency (ECCT) Bill – a bill sponsored by Home Office and currently at Committe stage in the House of Lords (as at 7 April 2023).
In summary, directors and PSCs of new and existing companies will be expected to complete identitity verification. Agents (eg anyone or organisation filing information on behalf of companies) will also need to verify their identity and be registered with an anti-money laundering supervisory body.
Identity verification of directors and PSCs can be done in one of two ways – 1. directly with Companies House via a digital service or 2. via an Authorised Corporate Service Provider (ACSP) eg an accountant.
Consequences for non-verified directors and PSCs include criminal sanctions and civil penalties.
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