Economic Crime and Corporate Transparency Act 2023 - Royal Assent Granted
The Economic Crime and Corporate Transparency Act 2023 (the “Act”) has received Royal Assent.
A key objective of the Act is to increase powers to tackle economic crime and improve the transparency of corporate entities in the UK.
Filing requirements for UK limited partnerships, limited liability partnerships and limited companies will be reformed. Reforms will include the introduction of identity verification requirements for certain partners, members, directors, and People with Significant Control.
The Act introduces the new Authorised Corporate Service Provider (“ACSP”) role. UK Companies House filings are often made by intermediary corporate service providers (including legal advisers). When the applicable provisions of the Act come into force, only corporate service providers authorised by the UK Registrar of Companies will be able to deliver documents to Companies House and complete the newly introduced identity verification requirements.
It is our intention to become an ACSP. We will be ready to assist clients in satisfying new requirements under the Act as and when those new requirements come into force.
If you have any questions, or if you would like to discuss the new requirements set out in the Act, please do get in touch.
Key Contacts
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The ECCTA: What is changing for banking transactions?
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The ECCTA: Introducing the new corporate offences for failing to prevent fraud.
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