New Checklist of key changes ECCT
A new checklist covering the key aspects of the Economic Crime and Corporate Transparency Bill 2022 (ECCT) as relevant to SME private companies is now available. The checklist serves as a starting point in helping a business to plan how to tackle this proposed new legislation. The increased reach of Companies House and changes to company information required by it will mean significant change for all companies and companies need to start preparing for this now.
Companies need to think about among other things, how the contents of the bill 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 internal existing processes/procedures will need to be changed given the changes being made to company accounts filings and the keeping of statutory registers.
This checklist details the headline reforms and the actions required to be taken in preparation. It will be of use to all company directors, secretaries and company administrators.
The contents of this Newsletter are for reference purposes only and do not constitute legal advice. Independent legal advice should be sought in relation to any specific legal matter.