Checklist of Headline Points for Economic Crime Act

This checklist provides an overview of the headline points that all private companies should be aware of in the Economic Crime and Corporate Transparency Act 2023 (ECCTA). It will help company directors, secretaries and administrators considering the requirements of this legislation and plan how they will communicate and implement the upcoming changes. 

The ECCTA gives Companies House new and enhanced powers to help disrupt economic crime.

It is important that all relevant parties are aware of the upcoming changes and their consequences. Particularly the: 

• need for ID verification of directors, PSCs and relevant third parties; 
• extra powers of Companies House; 
• changes to filings; and 
• the changes to accounts. 

Whilst the ECCTA will require implementing secondary legislation before it is fully in force, companies need to think now about how the contents of the Act will be communicated, how the ID of directors and PSCs will be verified, how the full details of members will be gathered (abbreviated names will no longer be allowed), whether there are known errors or inconsistencies in existing filings that need to be rectified, whether extra resources will be needed to manage the changes and whether existing processes/procedures will need to be changed.

Many of the measures are already in force and this checklist has been updated following more information on the intended future implementation timetable issued by Companies House (March 2025). The provision of most significance and interest is the identity verification regime. This regime has now commenced with voluntary ID verification having begun on 8th April 2025.  Compulsory ID verification is expected to begin in Autumn 2025 and completed by the end of 2026.

This checklist, whilst not a full list, details the main reforms and the action required to be taken by SME private companies in preparation for the Act. 

Companies House guidance in relation to the identity verification process is available here.

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