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Economic Crime and Corporate Transparency Act 2023

The Economic Crime and Corporate Transparency Act 2023 delivers a wide range of reforms and enhancements relating to corporate transparency and the integrity of information held at Companies House, including:

    •new statutory objectives for the Registrar of Companies (Companies House) which some commentators are describing as reframing the role of Companies House from one of ‘record-keeper’ to ‘gatekeeper’•a substantial package of new requirements relating to identity verification which directors, people with significant control (PSCs) and anyone filing a document at Companies House will be subject to (unless specifically exempt). Identity verification would work in one of two ways:◦the individual’s identity would be verified directly using a process provided by Companies House, or◦the individual’s identity would be verified by an ‘authorised corporate service provider’ (ACSP)—namely a person who is required to carry out anti-money laundering checks under the UK’s money-laundering regulations and who has registered at Companies House•a range of ...

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