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Francesco Fulcoli - Chief Compliance Officer and MLRO
The Economic Crime and Corporate Transparency Bill is now officially a part of UK company law. This momentous occasion marks a significant turning point in the history of Companies House. This legislation provides the necessary tools to play a more significant role in combating economic crime and safeguarding the integrity of the company register, while simultaneously fostering economic growth and facilitating business operations in the United Kingdom.
These legislative measures are designed to improve the quality and reliability of the data, allowing to respond quickly and effectively when individuals report unauthorized use of their personal information on the register. This represents a substantial win for data security and is a matter particularly close that will significantly improve the KYB process in the UK.
The key provisions of this act include:
The Registrar of Companies for England and Wales, along with counterparts in Scotland and Northern Ireland, will uphold four pivotal objectives:
Company House will align their decisions with these objectives, underpinned by the newfound authority and capabilities.
While the act has received royal assent, the implementation of some provisions, such as identity verification, will be subject to system development and secondary legislation.
However, a range of measures will roll out sooner, including:
These measures will take effect in early 2024 and there will be an adjustment to fees as well, reflecting their commitment to maintaining cost recovery.
This transformational legislation marks a historic juncture in the evolution of Companies House! For the first time, they will take on a more proactive role in safeguarding the interests of businesses and individuals while contributing to a more transparent and efficient business environment in the UK.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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