ECCTA 2023 – Update October 2024

Helen Mather, Partner

Companies House has provided updated guidance this month in relation to who will be able to file information on the public register, to ensure the information provided is accurate, transparent and not being used for fraudulent purposes.

Under the Economic Crime and Corporate Transparency Act 2023 (the “EECTA”), Companies House will be required to verify the identity of anyone who is submitting information to the public register. This will include anyone acting on behalf of a company.

Authorised Corporate Service Providers

Such obligations will extend to those providing professional services who are required to file information at Companies House.

All third-party providers will need to register their business as an Authorised Corporate Service Provider (an “ACSP”) before they can submit information. More guidance on this is due to be published in the near future but at present it is understood that any business that is covered by Money Laundering Regulations will be an ACSP, including:

• Professional Service Providers, including accountants and solicitors; and
• Trust and Company Service Providers, including company formation agents.

Registering to become an ACSP

If you are a director of a business, or hold another senior role, you’ll need to complete a registration process to register your business as an ACSP. You’ll be asked to complete identity verification as part of the application. You will also be under a duty to keep such information up to date.

Once registered as an ACSP, you will be provided with a new digital account and a unique identity number. This will allow you to file information and complete identity verification checks for your clients.

The person registering the business as an ACSP will be able to add other people who work for the business to the ACSP account once it has been registered and approved. These employees will not be subject to identity verification but will be allowed to access services on behalf of the authorised agent, such as being able to carry out identity checks and file accounts for clients.

Next Steps

If you consider you may need to be an ACSP going forward, you do not need to do anything yet. Further guidance on the registration process will be announced in the near future, prior to requiring you to be registered.

If you have any questions in respect of the proposed changes within the ECCTA and you would like to speak to a member of our expert Corporate team, please contact us on 0161 832 3434.