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Companies House To Introduce Identity Verification
April 16, 2024

In a recent update, Companies House reminded businesses that it will introduce an identity verification process to help deter those wishing to use companies for illegal purposes.

While there are no details yet as to when this will come into effect, the changes are being put in place in a bid to help deter those wishing to use companies for illegal purposes.

‘Anyone setting up, running, owning or controlling a company in the UK will need to verify their identity to prove they are who they claim to be.’

Identity verification will also apply to other registration types, including any members of a limited liability partnership (LLP).

The policy will also apply to existing companies, not just those that set up after the registration changes. However, Companies House has confirmed that for existing companies, all directors (or equivalent) and people with significant control (PSCs) will have a transition period to verify their identity with Companies House.

Source: https://changestoukcompanylaw.campaign.gov.uk/identity-verification/)

At The Strategic Partner, we see this as a welcome change. We are also interested to see if this will push the government to review the current Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 and allow Companies House to be relied upon for verification (which it is not currently).

If you wish to share your thoughts, Companies House are asking for input on how people feel about identity verification, and you can take part in their survey here: Companies House, People With Significant Control Survey

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At The Strategic Partner, we work with all types of firms, from sole practitioners to large multi-national firms. Our services are designed to provide firms and their employees with the comfort of knowing that even in the busiest of times, you remain compliant and can evidence that you are.

You can view how our solutions assist hundreds of law firms in ensuring they comply with not just AML regulations but all regulatory and compliance requirements for law firms. Our two main packed solutions can be viewed by clicking the links below:

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For more information on The Strategic Partner and to discuss how we may be able to assist in accelerating your risk management or compliance and regulation or simply to keep this up to date, you can call us on 020 3911 9710 or email us info@thestrategicpartner.co.uk. 

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