ACSP after Royal Assent: What you need to know
The Economic Crime and Corporate Transparency Bill 2022 was passed into law on 26 October 2023 and became The Economic Crime and Corporate Transparency Act 2023(the “Act”).
Contributors
The Act is designed (amongst other things) to tackle money laundering and strengthen the UKs company registrar, known as Companies House. It will reform the role of Companies House radically, turning it into an active gatekeeper.
As anticipated, as part of these changes the Act introduces an identity verification requirement for:
- all new and existing company directors,
- People with Significant Control (PSC), and
- those delivering documents to Companies House UK.
Filing requirements for limited partnerships and limited liability partnerships have also been reformed under the Act, with part of that reform being that partners will also require verification at Companies House.
To help facilitate verification, the Act introduces the new role of the Authorised Corporate Service Provider (‘ACSP’).
There will be a transition period for existing directors and their equivalents, and for PSCs to verify their identity in. This transition period will provide existing directors and PSCs time to comply with the new requirements, whilst ensuring the integrity of data already on the register. Detailed guidance should be issued shortly.
How can Langham Hall help?
Building on our success as one of the top ten verification agents in the country for the Register of Overseas Entities, Langham Hall will be acting as an ACSP and will be able to assist clients with fulfilling these new verification requirements.
If you wish to discuss the requirements and how Langham Hall can assist you please do not hesitate to get in contact: LHACSPServices@langhamhall.com
