Authorised Corporate Service Provider, or ‘ACSPs’, were introduced by Companies House as part of ongoing reforms following the enactment of The Economic Crime and Corporate Transparency Act (2023). ACSPs are any individual or organisation that undertakes anti-money laundering (AML) supervised activity. This includes company formation agents, such as 1st Choice Incorporations, solicitors and accountants.
Companies House have opened registration for ACSPs to verify their own identity in order to conduct identity checks on clients and report these verifications from 8 April.
What is needed to register as an ACSP?
If you, or your business, is an ACSP then you will need to register with Companies House by verifying your identity and providing information on the business and its supervisory body, along with paying the £55 registration charge. Once the registration is confirmed, additional staff members can be added to inform Companies House of any verified identities.
Ongoing Requirements for ACSPs
ACSPs registered and authorised by Companies House must:
1. Always be registered with at least one AML supervisory body
2. Inform Companies House of any changes to the information held within 14 days
3. Provide more information on the following upon request:
- Filings submitted to Companies House
- Identity checks completed
- Proof that these legal responsibilities are being complied with
4. Keep records of any identity checks of any clients verified for 7 years
What is the verification standard?
There is a six-step process to verify a person’s identity to the standard set by Companies House which include:
1. Asking for information;
- Gathering information on the individual, including full name, date of birth, name as it appears on Companies House and residential address history for the last 12 months.
2. Asking for evidence of an individual’s identity;
- Including a passport or driving licence, and proof of their current residential address.
3. Reviewing the documents;
- Using online identity document validation technology, or by an individual trained in document validation.
4. Ensuring that the identity is real and matches the person claiming it;
- ASCP’s must be sufficiently satisfied that the individual exists and the details of their identity match evidence provided and are who they claim to be.
5. Maintaining records of the identity verification; and
- Records of the information and ID used to verify an individual’s identity must be recorded and stored for 7 years from the date of verification.
6. Being fully satisfied with the information and documents provided to verify the person’s identity.
- The ACSP must be satisfied that the documentation and information provided is accurate and legitimate and the identity can be verified to the necessary standard.
For more detail on the verification standards, see the Companies House guidance here.
What happens in the event of non-compliance?
Not complying with these requirements will constitute an offence where the individual or company could be subjected to a financial penalty or prosecution. Additionally, the individual or company’s authorised status may be revoked and their name added to a list of those found to be non-compliant.
Not an ACSP but require your identity to be verified? Read our blog on Companies House Identity Verification for more information or contact us.
