As reported in SME Today, the voluntary period for identity verification (IDV) is open for business. More than 6 million individuals will need to comply in the 12 months after IDV becomes a legal requirement later this year
This month saw the launch of a new service that allows individuals to verify their identity directly with Companies House through GOV.UK One Login. People can also verify their identity through an Authorised Corporate Service Provider (ACSP).
The introduction of identity verification is one of the key changes to UK company law under the Economic Crime and Corporate Transparency Act 2023. This landmark legislation gave Companies House new and enhanced powers to help disrupt economic crime and support economic growth.
IDV will provide more assurance about who is setting up, running, owning and controlling companies in the UK. There will be the same level of assurance whether individuals are verifying their identity directly with Companies House or through an ACSP.
Minister for Employment Rights, Competition and Markets Justin Madders MP said: “In a time where economic crime has become too common, it is imperative that we bring in measures to prevent identities being stolen online and today marks a significant milestone in our plans to require identity verification for those setting up and running companies on the Companies House register later this year. This is good for business, lenders and transparency and will give companies, consumers and lenders more certainty about who they are doing business with.”
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