Is your business ready for the ECCTA?
The ECCTA introduces stringent measures to combat financial crime, enhance corporate transparency and strengthen the integrity of financial systems. It includes measures aimed at preventing money laundering, fraud, and other financial crimes, while also promoting transparency in corporate ownership and operations.
Ensuring that your operations and processes are compliant with the regulation as it rolls out is essential to avoiding serious financial and legal penalties.
How Vistra can help you navigate the ECCTA compliance
Identity verification
Full risk assessment & health check
Director Training for ECCTA Readiness
Secure your Companies House identity verification with Vistra
Stay compliant with the ECCTA with expert support from Vistra.
FAQs on ECCTA 2023 and Corporate Compliance
Understanding the Economic Crime and Corporate Transparency Act 2023 (ECCTA)
How does the ECCTA impact UK-based legal entities?
All UK registered companies need to comply with the new requirements as set out in the ECCTA. This includes any global entity with a UK nexus. In order to be compliant, companies must:
- Ensure that the identities of directors of companies, as well as the identities of PSCs, including where Relevant Legal Entities of companies are listed, individuals within limited liability partnerships and limited partnerships are registered by submitting IDV documentation to Companies House.
- Ensure corporate structures are transparent and legally compliant.
- Keep statutory records up to date and provide accurate ownership disclosures.
What are the consequences of non-compliance?
Failure to comply with the ECCTA regulations may result in:
- Financial penalties for companies and individuals.
- Restrictions on company operations.
- Possible criminal liability for directors and officers.
- Reputational damage and increased regulatory scrutiny.
What should businesses be doing now to prepare for the IDV requirements?
- Assess the impact of the ECCTA on your company.
- Engage with an Authorised Corporate Service Provider (ACSP) to facilitate compliance.
- Gather and verify the necessary IDV documentation.
- Submit required disclosures to Companies House before the mandatory deadline.
Get expert ECCTA guidance today
Take proactive steps now to ensure your business meets the ECCTA requirements. Contact us and our team will be in touch to help you navigate compliance with confidence.
Our experts
Caterina Juer
Senior Director, Private Wealth & CoSec, UK
United Kingdom
Alan Hughes
Executive Director, Head of International Legal Services
United Kingdom
Steve Blacker
Director , Business Information
United Kingdom
Meg Ogunsola
Global Director – Entity Management Solutions
United Kingdom
