Companies House have released further information on Authorised Corporate Service Providers (ACSPs).

Companies House is taking additional steps to ensure that they can verify the identity of anyone who is submitting information to the public register, including those who act on behalf of another company, such as Accountants.

Background

As of 04 March 2024 the first new measures under the Economic Crime and Corporate Transparency Act 2023 came into force at Companies House.  

The Act gives Companies House enhanced powers and responsibilities to:

• tackle misuse of the company register
• improve data quality and reliability

The measures aim to reduce the problems of companies that are set up to commit fraud, money laundering and economic crime along with situations where names and addresses have been used without the individuals’ consent. They will also enable Companies House to work more effectively with other agencies, regulators and enforcement bodies through data and intelligence sharing.

New criminal offences and civil penalties for non-compliance have also been introduced. You can read more about the new measures in place from 04 March 2024 in our previous article here.

Some additional changes are expected in the longer term. These include:

• Identity Verification – A requirement for Directors to verify their identity either directly with Companies House or through an authorised agent such as a regulated Accountant.
• Accounts Reform – All companies will be required to file accounts in digital format. The option to file abridged accounts will be removed and all companies will be required to file a profit and loss account. Small companies will also be required to file a Director’s Report, although micro-entities will not.

Authorised Corporate Service Providers (ACSPs)

What is an ACSP?

In future, all third-party providers will need to register their business as an Authorised Corporate Service Provider (ACSP) before they can submit information and carry out identity verification checks on their clients.

An ACSP is a business that is covered by Money Laundering Regulations, such as:

• Professional Service Providers e.g. Accountants and Solicitors
• Trust and Company Service Providers e.g. Company Formation Agents

Where an agent may not be acting with a lawful purpose Companies House will take action to protect businesses and the public. The registrar has new powers to suspend or cease a non-compliant ACSP, for example if the registrar has reason to believe an ACSP is no longer a fit and proper person.

Who Can Become An ACSP?

To become an ACSP, agents must be supervised within the UK by one of the 25 relevant Anti-Money Laundering (AML) supervisory bodies, such as:

• HMRC
• The Financial Conduct Authority
• The Gambling Commission
• Professional Body Supervisors, such as the ICAEW.

Agents who are not registered with Companies House will still need to register as an ACSP but will be asked for more details.

Software providers, filing information on behalf of a company or third-party provider, will also need to register as an ACSP.

To check whether you or your agent can register as an ACSP you can check the full list of AML supervisory bodies.

Registration to become an ACSP

Companies House says it will announce information on how to register as an ACSP in due course.

If your business files information with Companies House as a third party you will need to review whether you can register as an ACSP. To register, a senior person in the organisation will need to complete the registration process, including identity verification and providing information about the business. The ACASP will then be provided with a new account and a unique identity number, allowing them to file information and complete identity verification checks for their clients.

If you are a business using a third party agent you will need to ensure that your agent will be able to register as an ACSP and can continue to file on your behalf.

Foremans LLP As An ACSP

Foremans LLP is regulated by the ICAEW (Institute of Chartered Accountants in England and Wales) and expects to meet all of the standards required to become an ACSP. Our clients can be assured that they do not need to do anything with regards to the upcoming changes and there will be no loss of service to their business as a result of the changes.

If you would like further information on the upcoming changes you can contact our friendly team for advice on 01244 625 500 or contactus@foremansllp.com.