The Economic Crime and Corporate Transparencies Act 2024

With effect from 8/4/2025 Directors and PSC’s of existing companies and companies to be incorporated will be able to verify their identity voluntarily (IDV), and this will become compulsory by the end of 2025.

There are two ways to obtain an IDV (identity verification):-

1. Free of charge direct with Companies House. Each Director/PSC must sign up to a GOV.UK One account (https://signin.account.gov.uk/sign-in-or-create) and follow the simple instructions. A  UI (unique identifier) code will issued and should only need doing once.
2. Instruct us to obtain an enhanced AML report for each person, from which as an ASCP (Authorised Corporate Service Provider) we can apply for IDV on their behalf. A UI code will be issued to each person as above. Cost is £15.00 per person.

The effect on Company Formation

Before an incorporation can proceed we will need each Director/PSC’s UI code, other than that there will be no change to the incorporation process.

Security

It is imperative that a person’s UI code be kept safely and not disclosed to any other person. As ASCP’s we are obliged to retain data securely for 7 years and have procedures in place to ensure adherence to the 2024 Act.