The Economic Crime and Corporate Transparency Act 2023 will enhance the role of Companies House by introducing significant reforms that will strengthen corporate transparency and combat economic crime in the UK by ensuring the accuracy and reliability of corporate data. The UK’s goals to promote enterprise and reinforce economic security align with these measures, which are part of a broader initiative to safeguard individuals and companies against fraud.  

Key reforms and implementation timeline of the Act

Companies House has released a transition plan that outlines a timeline for implementing these reforms, which includes: 

• Companies House will now have the authority to query, reject and remove inaccurate information to ensure the quality and integrity of data on its registers.  

• Company directors, people with significant control of a company (PSCs) and anyone who files information on behalf of a company will be subject to more obligations.  

• By autumn 2025, the Act will require identity verification for new directors and PSCs. Existing individuals will have a 12-month transition period. 

• From March 2025, Trust and Company Service Providers (TCSPs) and other professional service providers may register as Authorised Corporate Service Providers (ACSPs) to provide verification services for clients. 

• No sooner than spring 2026, further reforms to limited partnerships will occur to increase transparency by making their information more accessible. 

Summary of changes for ACSPs

Under the Act, an individual or organisation must be under the supervision of a relevant Anti-Money Laundering (AML) supervisory body in the UK in order to be designated as an ACSP. Meanwhile, third-party corporate service providers must register as ACSPs to submit information on behalf of companies.  

Furthermore, ACSPs must verify the identities of their clients before submitting information to Companies House. If the requirements for compliance are not fulfilled, Companies House will have the power to suspend or revoke ACSP registrations.  

In conclusion

The Act’s full implementation is expected to take until 2027. However, since some measures call for secondary legislation and unexpected challenges could cause timeframe extensions, it is currently impossible to establish a definite timeline for the implementation of all measures.  

We will provide updates if these significant corporate transparency measures undergo further development. Our Bolder experts can help you ensure that you continue to adhere to all regulations and stay compliant.  

For more information or any questions, please contact us.  

Bolder Group does not provide financial, tax or legal advice and the information contained herein is meant for general information purposes only. We strongly recommend that before acting on any of the information contained herein, readers should consult with their professional advisers. The Bolder Group accepts no liability for any errors or omissions in the information, or the consequences resulting from any action taken by a reader based on the information provided herein.

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