The Economic Crime and Corporate Transparency Act 2023 has introduced new laws to combat economic crime and enhance the reliability of the companies register, supporting business activities. The rollout of identity verification will ensure accurate information about who has set up, is running and controlling companies in the UK, for a more trustworthy register of data and greater protection against fraud.
Who and when
New directors must verify their identity to either incorporate a company or be appointed to an existing one.
Existing directors will need to confirm they have verified their identity when submitting their next annual confirmation statement, during a 12-month transition period. Similarly, existing PSCs will be required to verify their identity within 12 months of the commencement of mandatory identity verification.
Check to see when you need to verify identity →
Identity verification requirements for limited partnerships, corporate directors of companies, corporate members of limited liability partnerships (LLPs), and officers of corporate PSCs will commence later.
How to verify identity
Individuals can verify their identity with Companies House through GOV.UK One Login, which is free, or through an Authorised Corporate Service Provider (ACSP).
In most cases, individuals will only need to verify their identity once. Once verified, they will receive a personal code from Companies House. From 18 November 2025, users will need to provide their code and a verification statement confirming they have successfully verified their identity for each company role they hold.
Propertymark FAQs
To support members understand and comply with the legislation, they can download our Economic Crime and Corporate Transparency Act 2023 FAQs. They cover commencement, coverage, identity verification, company information, filing accounts for small businesses and micro-entities, scrutiny of company names, reporting discrepancies to Companies House, legal protections, and offence.
FAQs: Economic Crime and Corporate Transparency Act 2023
The Economic Crime (Transparency and Enforcement) Act was introduced through emergency powers, and the Economic Crime and Corporate Transparency Act 2023 represents a long-term commitment to addressing economic crime in the UK to increase transparency in the ownership and operation of UK businesses.
