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. 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. 

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 Act will largely 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.

Some measures are already in force (as of March 2024) and this checklist has been updated following more information on the intended future implementation timetable issued by Companies House (October 2024). The provision of most significance and interest is the identity verification regime. This regime will commence in Spring 2025 and is expected to be 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. 

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Checklist of Headline Points for Economic Crime Act is part of Corporate Documents. Just £35.00 + VAT provides unlimited downloads from Corporate Documents for 1 year.