Companies housed has warned UK directors to verify their identities, as required under the 2023 Economic Crime and Corporate Transparency Act.
Three directors have been convicted and fined by the Insolvency Service for failing to comply with the obligations to verify newly appointed and existing directors.
Martin Swain, director of Intelligence and Law Enforcement Engagement at Companies House, stated: “Identity verification is a cornerstone of the reforms being introduced under the Economic Crime and Corporate Transparency Act, helping to ensure that those setting up, running and controlling companies are who they claim to be.”
“These cases send a clear message that identity verification is not optional,” he continued. “Our goal is to create a register that is more reliable, more transparent and better equipped to support economic growth while deterring those who seek to misuse UK companies for criminal purposes.”