Companies House has provided a further update regarding the implementation of its new filing regime introduced under the Economic Crime and Corporate Transparency Act 2023 (ECCTA). Firms will be invited to register as Authorised Corporate Service Providers (ACSPs) from 25th February 2025.
Under the new regulations, only registered ACSPs will be able to make key filings at Companies House. This represents a major departure from the current situation where legal professionals, accountants and company formation agents are able to make filings at Companies House without any formal registration or identity checks.
The role of an ACSP is not to be taken lightly as it will require those firms to undertake more time-consuming and expensive anti-money laundering checks on behalf of their clients and at the same time, accept a greater level of operating risk in providing the services.
To qualify as an ACSP, agents must be supervised within the UK by one of the relevant Anti-Money Laundering (AML) supervisory bodies such as the Faculty Office of the Archbishop of Canterbury or the General Council of the Bar.
After completion of the verification identity process and registration, firms will be provided with a new digital account and unique identity number. This will allow firms to begin filing information and complete identity verification for their clients.
These regulatory changes will be phased in throughout 2025 and into 2026. The impact this will have on the current volume of service providers remains to be seen.
John Venn & Sons will ensure that we will be ready for the new changes and will ensure that we are ready to assist our clients with identity verification when the time comes.
