Checklist of Headline Points for Economic Crime Act

This checklist provides an overview of the headline points that private companies should be aware of under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). It is intended to help directors, secretaries and administrators plan how they will communicate and implement the changes.

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

Key ECCTA 2023 areas covered by this checklist

• The need for identity verification of directors, PSCs and relevant third parties.
• The enhanced powers of Companies House.
• Changes to filings.
• Changes to accounts.

Practical preparation points for SME private companies

Although the ECCTA requires secondary legislation before it is fully in force, companies may want to consider now how the Act will be communicated and implemented. This includes how the identities of directors and PSCs will be verified, how full member details will be gathered (abbreviated names will no longer be allowed), whether existing filings contain known errors or inconsistencies that need to be rectified, whether extra resources will be needed to manage the changes, and whether existing processes and procedures will need to be updated.

Updates reflected in this checklist

Many measures are already in force. This checklist has been updated following confirmation that the first wave of the mandatory identity verification regime will be in force from 18th November 2025 and that, from the same date, companies will no longer be required to maintain registers of directors, directors' residential addresses, secretaries and people with significant control (PSCs).

This checklist is not a full list, but it summarises key reforms and the actions SME private companies may need to take in preparation for the Act.

Companies House guidance

Companies House guidance on the identity verification process is available here.

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