"From 18 November, any company director or Person of Significant Control (PSC) will be required to verify their identity either directly with Companies House or through an Authorised Corporate Service Provider (ACSP). If any of the UK's six million registered directors fail to comply with these changes, they could face operational restrictions and financial penalties. The impact of the new rules will be particularly pronounced for ACSPs - businesses or individuals who are authorised to verify their clients' identities with Companies House."
"There's no sugarcoating that the risks of not getting their houses in order for the changes will be disruptive; Companies House can impose financial penalties, reject filings and disqualify directors for non-compliance. There is a bit of grace for existing directors or PSCs in the form of a 12-month transition period. But they won't be able to submit their annual confirmation statement in this period until all directors and PSCs are verified. Crucially, any new directors will have to verify their identity after the deadline."
From 18 November any company director or Person of Significant Control (PSC) must verify identity directly with Companies House or through an Authorised Corporate Service Provider (ACSP). Non-compliance can lead to operational restrictions, financial penalties, rejected filings and director disqualification. ACSPs, including accountants and solicitors, will face a surge in identity checks and must manage client verification while complying with anti-money laundering rules. Existing directors and PSCs have a 12-month transition, but annual confirmation statements cannot be filed until all parties are verified, and new directors must verify immediately after the deadline. Manual checks can bridge the gap temporarily, but digital IDV platforms will be required to handle volume efficiently.
Read at ComputerWeekly.com
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